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HF 3293

Minnesota Consumer Financial Protection Bureau created, and money appropriated.

2025-2026 Regular Session Introduced by Kaela Berg and 21 co-sponsors

Minnesota bill creates state Consumer Financial Protection Bureau to regulate and enforce protections against unfair financial practices by lenders and debt collectors.

Author added Gottfried
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WeVote Research Nonpartisan
Bill Summary · HF 3293

Legislative bill overview

HF 3293 establishes a new Minnesota Consumer Financial Protection Bureau (CFPB) as a state-level agency and appropriates funding for its operations. The bureau would be tasked with protecting Minnesota consumers from unfair, deceptive, or abusive financial practices by financial institutions operating within the state.

Why is this important

This bill addresses a perceived gap in consumer protection by creating state-level regulatory authority over financial practices, complementing the federal Consumer Financial Protection Bureau established after the 2008 financial crisis. Many states have created similar agencies to enforce state consumer protection laws and investigate complaints against lenders, debt collectors, and other financial service providers.

Potential points of contention

  • Regulatory overlap and compliance burden: Critics may argue that a state CFPB duplicates federal oversight, creating conflicting regulations and increasing compliance costs for financial institutions operating across multiple states
  • Funding and resource allocation: The bill appropriates state resources for a new agency during a period of fiscal constraints, raising questions about whether funds could be better allocated to existing programs
  • Scope of authority: Debates may center on which financial activities the state agency can regulate versus those reserved for federal agencies, and whether state authority could interfere with national financial markets

Compiled from official sources — confirm details with the bill’s official record.

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