Purpose of the Bill

The bill aims to establish the Minnesota Consumer Financial Protection Bureau (CFPB) to enhance the enforcement of consumer financial laws, provide a central point of accountability, and protect consumers in the financial marketplace within Minnesota.

Main Provisions

• Creation of the Bureau: The bill establishes the Minnesota Consumer Financial Protection Bureau, an agency meant to enforce consumer financial protection laws.
• Appointment of Commissioner: A commissioner, appointed by the governor with the senate's advice and consent, will oversee the bureau. The commissioner's salary is determined by relevant state salary determination procedures.
• Duties of the Commissioner: The commissioner is responsible for identifying and eliminating unfair, deceptive, or abusive financial practices; enforcing anti-discrimination laws in consumer finance; handling consumer complaints; improving financial education; researching consumer use of financial products; and monitoring financial markets for emerging risks.
• Rulemaking Authority: The commissioner has the authority to adopt rules necessary to administer the bureau’s activities, in adherence to state rulemaking laws.
• Recruitment of Employees: The bureau aims to recruit personnel, particularly those with experience in the federal Consumer Financial Protection Bureau, in areas such as banking, mortgages, and auto lending.

Significant Changes to Existing Law

• New Statistical Amendment: The bill proposes amendments to existing statutes to integrate references to the Minnesota Consumer Financial Protection Bureau, ensuring it is recognized alongside other state agencies.
• Appropriation of Funds: The bill outlines specific appropriations from the Minnesota general fund for fiscal years 2026 and 2027 to fund the operations and administration of the new bureau.

Relevant Terms

Minnesota Consumer Financial Protection Bureau, consumer financial laws, financial marketplace, commissioner, anti-discrimination, unfair practices, rulemaking, financial education, financial markets, Consumer Financial Protection Bureau, appropriations, state statutes, recruitment.