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A.G. Miller: News conference creating a consumer financial protection agency
2/26/2010

State Attorneys General News Conference

on creating a Consumer Financial Protection Agency.

11:30 a.m. Monday, March 1, 2010

Fairmont Hotel, Washington, D.C.

Who: Iowa A.G. Tom Miller, Illinois A.G. Lisa Madigan, Ohio A.G. Richard Cordray, North Carolina A.G. Roy Cooper, and many other AGs.

What: News conference by AGs who are pushing hard to create an independent federal Consumer Financial Protection Agency or CFPA.

When: 11:30 a.m. Monday, March 1, 2010.

Where: Fairmont Hotel, 2401 M St. NW, Washington, D.C. Decatur Room.

Contact: Bob Brammer, Iowa Attorney General’s Office, 515-281-6699.

Background:

Many State Attorneys General are working hard for creating the Consumer Financial Protection Agency. A group of them will explain Monday why the CFPA is so important to consumers in their states and territories. [Many AGs are in Washington for the spring meeting of the National Association of Attorneys General, NAAG, at the Fairmont.]

The AGs will challenge lawmakers to resist big financial special interests and stand up for consumers by creating the Consumer Financial Protection Agency.

These AGs have said the financial crisis was caused in significant part by irresponsible sub-prime lending and inadequate regulatory oversight, which demonstrated the need for independent, comprehensive and effective consumer protection and enforcement at the federal level. (See, e.g., 24 AGs’ Aug. 2009 letter to Congressional leaders – http://www.state.ia.us/government/ag/latest_news/releases/aug_2009/CFPA.html.)

These AGs also share a conviction that legislation creating the CFPA should explicitly preserve the states’ authority and ability to fight unfair and deceptive practices, and should foster the states’ role in collaborating with the new federal agency.


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