Illinois attorney general files first-of-its-kind lawsuit asserting Dodd-Frank enforcement authority

CFPB Monitor reports that the Illinois attorney general has filed what appears to be the first "state court lawsuit against a small loan lender alleging violations of the Dodd-Frank Act prohibition of unfair, deceptive or abusive acts or practices in addition to state law." In the complaint, Illinois Attorney General Lisa Madigan alleges that CMK Investments, Inc. "misrepresented the true cost of its loans" and that its "loan product was 'structurally unfair' because the account protection fee resulted in 'an endless cycle of debt.'" For more, including the complaint, read the full story.

Dodd-Frank, Federal Regulatory