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Home » Banking, Compliance Risk, Dodd Frank, Enterprise Risk

CFPB, AGs Announce Joint Principles on Consumer Protection

Submitted by on April 12, 2011 – 9:40 amBe the first to comment on this story.

Happy Business groupThe Consumer Financial Protection Bureau and National Association of Attorneys General Presidential Initiative Working Group Release Joint Statement of Principles

Consumer Bureau, State Attorneys General Partnership Will Help Better Protect American Consumers of Financial Products and Services from Unlawful Acts and Practices

The Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) today announced agreement on a Joint Statement of Principles, the first step in forging a new partnership between federal and state officials to protect consumers of financial products and services.

Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB, highlighted the agreement in her remarks at the NAAG Presidential Initiative Summit today in Charlotte, NC.

“I anticipate that our cooperation will have a profound effect on the consumer financial markets,” Warren told state attorneys general and others gathered at the summit, according to her prepared remarks. “Together, we can pose a greater deterrent to unscrupulous financial services providers. We can protect more consumers, and we can ensure that more institutions follow the rules.”  Read the full press release at the website of the U.S. Department of the Treasury.

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