New Jersey has become the latest state to bolster its consumer protection efforts in the wake of what is perceived to be a less-active Consumer Financial Protection Bureau.
The state has announced that it will nominate Paul Rodriguez to run the state’s Division of Consumer Affairs. Rodriguez is currently serving as acting counsel to Bill de Blasio, the mayor of New York City.
New Jersey joins a host of other states, including Pennsylvania, which are ratcheting up their consumer protection divisions. Mick Mulvaney, the acting director of the CFPB, has indicated that he expects the states to pick up more of the enforcement and supervisory slack now that the federal agency is no longer “pushing the envelope” when it comes to enforcing consumer protection laws.
“As the federal government abandons its responsibility to protect consumers from financial fraudsters, it is more important than ever that New Jersey picks up the mantle to protect its own residents,” said Gurbir Grewal, the attorney general of New Jersey. “Paul has the energy and ability necessary to lead the division as we work to protect New Jerseyans from fraud and professional misconduct in the marketplace.”
New Jersey recently elected a new governor, Phil Murphy, a Democrat, who pledged to start a “state-level CFPB” during his campaign last year.
Rodriguez will begin serving as acting director on June 1. Kevin Jespersen, currently the chief counsel to Grewal, will serve as acting director of the division until then.
