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News
State
AGs
Push for a Strong Federal Consumer Financial Protection Agency
Posted 4 March
2010
A group of
State Attorneys General gathering for their spring meeting in
Washington D.C. today strongly urged the U.S. Senate to pass
legislation to create an independent federal Consumer Financial
Protection Agency (CFPA).
“This is exceedingly important to Iowans and consumers everywhere,”
said Iowa Attorney General Tom Miller. “The agency would work with
states to protect consumers from abuses by the financial industry – and
it would help prevent a recurrence of the financial meltdown that has
left thousands of Iowans without jobs or at risk of losing their homes.”
Legislation to create the CFPA is pending in the Senate after passing
the House of Representatives.
“The Senate needs to pass this legislation,” Miller said. “A vote
against the CFPA is a vote for the big banks and Wall Street, and a
vote against consumers. Iowans are rightfully concerned and angry about
the near-collapse of the economy, largely caused by irresponsible
lending by big banks and Wall Street firms.”
Miller, who organized the group of Attorneys General, noted that no
agency in Washington has a sole mission of protecting consumers. “The
division of consumer protection between multiple federal agencies
leaves us with no federal agency with consumer protection as its top
concern. Consumers, every-day Iowans, have been largely ignored,” he
said.
“The CFPA will work with the states and be able to prevent and root out
unfair and deceptive practices against consumers by the financial
services industry. It’s crucial to protect individual Iowa consumers
from abuses, but it’s also critical to protect our whole economy,”
Miller said.
“The financial crisis was caused at least in part by irresponsible
mortgage lending and inadequate oversight. The crisis is the best
demonstration of why we need better consumer protection and
enforcement,” he said.
“This measure will fix a crucial problem,” Miller said. “Now, when it
comes to mortgages, credit cards and other basic financial matters,
consumer protection is buried and often neglected in federal regulatory
agencies that have other priorities than protecting ordinary consumers.
This bill would establish a Consumer Financial Protection Agency whose
primary mission is protecting consumers.”
The Attorneys General argued that legislation should create an
independent and strong CFPA, and also should explicitly preserve the
states’ authority to fight unfair and deceptive practices. “The House
legislation recognizes the key role played by state Attorneys General
in spotting new frauds and abuses, responding to citizen concerns, and
enforcing state laws,” Miller said. “It is very important to preserve
that state authority.”
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