McGlinchey in the News
N.Y. Regulators Expand Enforcement Scope With Newly Created Division
Robert Savoie, Member of the firm’s Consumer Financial Services Compliance group in the Cleveland office, was quoted in the article “N.Y. Regulators Expand Enforcement Scope With Newly Created Division” in Auto Finance News on May 8. The article discussed the formation of the New York Consumer Protection and Enforcement Division, and that it may increase the frequency of Dodd-Frank Act claims in the state. Pennsylvania also has a similar program in place through the Attorney General’s office.
The new division, nested within the N.Y. Department of Financial Services, has the potential to influence regulatory oversight on a national scale, much like California does, Savoie said.
“California and New York are two of the biggest states in the country, and New York is a major financial center,” he said. “So, I do think those are two of the more influential states in the country — just by virtue of [population] and the more aggressive stance of the regulatory bodies in those states.”