Chicago is soon to become the first city to report financial activity and fraud to the Consumer Financial Protection Bureau.
"CFPB Director Richard Cordray and Chicago Mayor Rahm Emanuel jointly announced the partnership Wednesday in an effort to ramp up enforcement of financial companies and detect early signs of fraud," writes American Banker's Rachel Witkowski.
The agency, created under the Dodd-Frank Reform law, hopes that other cities will follow Chicago's lead.
"The two-way flow of information and enforcement efforts between the CFPB and local authorities is critical to elevating concerns about high-cost products, such as payday and auto title loans, quickly," said Tom Feltner, director of financial services at the Consumer Federation of America.
The partnership between the CFPB and Chicago will allow them to target financial companies that prey on low- to middle-income families, military personnel and seniors.
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