Bureau of consumer protection partnership Forges from AGs

At the top of the
Charlotte, North Carolina on Monday, the new consumer financial protection
Bureau (CFPB) and presidential national initiative working group
Association of Attorneys General (NAAG SURVEY) released the nine principles that press
the issue of described as "the first step in a new partnership between the
officials of the Federal and state laws to protect consumers of financial products and
"services. 

Statement of joint
The principle of rises from the goals set by the CFPB and NAAG SURVEY for consumer protection
financial services and products by providing clear rules, the protection of
law-abiding businesses from unfair competition and to find effective and
effective ways to promote understanding and address concerns about these
products and services.

Elizabeth Warren, Assistant
to the President and Special Adviser to the Secretary of the Treasury on the
CFPB, told the group that the Partnership has the potential to fix broken
consumer financial markets. Dodd-Frank
authorised AGs to enforce certain regulations, which will save and CFPB
many cases to enforce the Statutes directly. 
Consistent and effective application of the financial rights of consumers will be
require sustained cooperation and Warren said CFPB is already trying to
determine how the CFPB can be a resource for State officials.

Warren said that the Working Group
two for the approach to fixing broken financial markets consumer. Firstly, it must be made easier for families with
See the costs and risks at the beginning of the product and compare this product to two
or three others.  The second, and its
prepared remarks stressed the CFPB to law enforcement.  The joint offering that the Working Group
The Bureau has been established and beyond will contribute to the achievement of these objectives.  In accordance with the agreement of the Parties shall:

• The development of joint training programmes and sharing of information on
  developments in State and federal laws that apply to consumer financial
  products or services;
• Sharing information on the conduct and practices on the markets
  consumers of financial products or services to inform policy and enforcement
  priorities;
• Engage in regular consultations to identify mutual enforcement
  priorities, which provide effective and uniform application of the consumer
  legal provisions concerning the protection;
• Supporting each other in enforcing the laws that protect
  consumers of financial products or services, including common or coordinated
  tort investigations and to the enforcement of the coordinated action;
• Carry out legal measures to promote transparency, competition and fairness
  on the markets for consumers of financial products or services by the State line
  and regardless of the business forms or cards for choice of suppliers that
  compete directly with each other on the same markets;
• Develop a framework for coherent and sustainable sharing investigative
  information and coordination of enforcement activities to the extent
  and consistent with governing law;
• Sharing, refer, and complaints and information between the CFPB and
  State attorneys general;
• Analyzing and using the input from consumers and civil society in order to
  advance their mutual objective of consumer protection; (i)
• Create and support technology to enable sharing of data and procedures
  who will support the cooperation of the complaint.

Warren said that the Declaration represents the intention to cooperate, but
that the CFPB has no plans to overstep its welcome. "We know that
communication and cooperation are not always lead to an Agreement. You Are
Independent State officials and are accountable to the people in Your
The State. The enforcement of the laws of the State in a way that Your individual
Legislature intends for you to use. You can create your own
decisions. It would not be where we assume otherwise. But even if we can
do not agree, we believe that our relationship can still be productive. "   Thanks to the cooperation, she said, we can make
the whole greater than the sum of its parts

Warren's appearance before the
The group is notable as she was heavily criticized by the Republicans in Congress
its role in the recent agreement of the preliminary settlement sent by 50
AGs to large banks participating in the service industry.  The House Financial Services Chairman Spencer
Bachus (R-AL) and the majority of the members of the Committee have instructed this Warren
overstepped its authority by getting involved in the response, officials of the Member
to report industry shoddy practices. 
The Republicans agreed to the creation of the Office of the under Dodd-Frank
and Warren, which proposed that agency from the earliest days
financial crisis, has not been officially named as its head, allegedly because
fears the President could not be confirmed by Congress.  It will, however, be running during the CFPB
become an independent agency under the Federal Reserve in July.  Dom tried to zamiarowi stop Warren by
cutting the budget of the Department of the Treasury Bureau, who will finance their run from
143 million dollars to 80 million dollars. After the CFPB into Fed umbrella its budget
will be in addition to the process of Congressional appropriations.

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