The bureau’s chief helped create the CFPB
by Francis Monfort
Pennsylvania Attorney General Josh Shapiro has established a consumer financial protection unit in his office to help protect consumers from financial scams.
Shapiro appointed Nicholas Smyth, an experienced consumer protection attorney, to lead the effort. Smyth will serve as assistant director of the Office of Attorney General’s Bureau of Consumer Protection. The initiative will focus on lenders that target seniors, families with students and military service members, including for-profit colleges and mortgage and student loan services.
“Protecting the public from financial scams is a key priority of mine, and Nick Smyth will help us expand our capacity to bring complex cases against financial companies that try to rip off Pennsylvanians,” said Shapiro.
Smyth brings to the role experience in auto finance, student lending, debt collection and issues impacting military families. As part of the Consumer Financial Protection Bureau, he worked on efforts against subprime auto lender Drivetime, which led to an $8 million settlement in 2014. Additionally, Smyth helped in the investigation of U.S. Bank’s MILES Program, a subprime auto finance program for military services members, which resulted in consent orders for $6.5 million.
Prior to his role in the CFBP, Smyth served at the U.S. Treasury Department. As part of a team, he drafted and revised the enabling act of the CFBP, the Consumer Financial Protection Act of 2010.
“I am honored to join the Attorney General’s terrific consumer protection team,” Smyth said. “The Consumer Protection Bureau saves Pennsylvania families millions of dollars each year, and I am excited to contribute to this great work.”
Related stories:
Cordray will quit CFPB to run for office, friends say
House committee approves bill to slash CFPB power
Pennsylvania Attorney General Josh Shapiro has established a consumer financial protection unit in his office to help protect consumers from financial scams.
Shapiro appointed Nicholas Smyth, an experienced consumer protection attorney, to lead the effort. Smyth will serve as assistant director of the Office of Attorney General’s Bureau of Consumer Protection. The initiative will focus on lenders that target seniors, families with students and military service members, including for-profit colleges and mortgage and student loan services.
“Protecting the public from financial scams is a key priority of mine, and Nick Smyth will help us expand our capacity to bring complex cases against financial companies that try to rip off Pennsylvanians,” said Shapiro.
Smyth brings to the role experience in auto finance, student lending, debt collection and issues impacting military families. As part of the Consumer Financial Protection Bureau, he worked on efforts against subprime auto lender Drivetime, which led to an $8 million settlement in 2014. Additionally, Smyth helped in the investigation of U.S. Bank’s MILES Program, a subprime auto finance program for military services members, which resulted in consent orders for $6.5 million.
Prior to his role in the CFBP, Smyth served at the U.S. Treasury Department. As part of a team, he drafted and revised the enabling act of the CFBP, the Consumer Financial Protection Act of 2010.
“I am honored to join the Attorney General’s terrific consumer protection team,” Smyth said. “The Consumer Protection Bureau saves Pennsylvania families millions of dollars each year, and I am excited to contribute to this great work.”
Related stories:
Cordray will quit CFPB to run for office, friends say
House committee approves bill to slash CFPB power
