Strengthening State-Level Consumer Protections: Promoting Consumer Protection Federalism

The CFPB’s latest report highlights the urgent need for states to modernize consumer protection laws in response to evolving corporate tactics and technological advancements. By strengthening enforcement tools, eliminating legal loopholes, and addressing predatory practices like junk fees and data misuse, states can create a fairer marketplace for consumers. The report also emphasizes the importance of federal-state cooperation in tackling deceptive financial practices and ensuring businesses operate transparently. With rising corporate concentration and increasingly complex financial products, now is the time for policymakers to reinforce protections that safeguard consumers from exploitation.