The selling of the CFPA
April 2, 2010 | federal legislation, industry | Comments (0)Treasury Secretary Geithner sells the state attorneys general. From the story:
Speaking on a conference call Thursday, Geithner told 14 states’ top law enforcement officials that they will take the lead in enforcing new rules designed to protect consumers from financial abuse, the Treasury Department said.
The rules would be written by a new consumer financial protection agency. The proposed agency is one of the most controversial parts of the administration’s plan. Business groups and financial companies have spent tens of millions of dollars campaigning against it.
Geithner thanked the state officials for their “pioneering and important work” protecting consumers from predatory lenders, Treasury said in a statement. He asked them to report trends in fraud and illegal practices so that Treasury can help coordinate a national response.
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