TRENTON, N.J.—New Jersey Attorney General Gurbir Grewal said that he and Governor Phil Murphy will “fill the void left by the Trump Administration’s pullback of the Consumer Financial Protection Bureau” by creating what he termed a “state-level CFPB.”
The effort includes the nomination of Paul R. Rodriquez as director of the New Jersey Division of Consumer Affairs, which enforces laws to protect consumers’ rights, regulates the securities industry, and oversees numerous state-licensing boards. Rodriguez, who is currently Acting Counsel to New York City Mayor Bill de Blasio, will start in his new role on June 1, Lexology reported.
“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,” Grewal stated in a release.
“New Jersey’s action is similar to that announced by Pennsylvania Attorney General Josh Shapiro last July, and part of a concerted effort by several states to ramp up enforcement of consumer financial protections—a priority they consider a matter of urgency since President Trump appointed Mick Mulvaney as acting director of the CFPB,” Lexology said.