GOP State AGs Balk At Signing CFPB Agreement

Posted by Orb Staff on September 20, 2012 No Comments
Categories : Mortgage Servicing

12428_cfpb GOP State AGs Balk At Signing CFPB Agreement Most of the Republican state attorneys general are refusing to sign cooperation agreements with the Consumer Financial Protection Bureau (CFPB) designed to protect confidential information shared among states and the bureau.

According to a Bloomberg News report, North Dakota Attorney General Wayne Stenehjem is the only Republican to sign the agreement; the other 11 state attorneys general to sign the agreement are Democrats.

Among the most vocal Republican state attorneys general to oppose the agreements is Oklahoma's Scott Pruitt, who challenged the scope of power exercised by the CFPB.

‘There are misgivings I have about the authority and scope and power of the CFPB, and the power granted to the director,’ says Pruitt. ‘Frankly, until some of those issues are fleshed out, it is very premature for a state to enter into a memorandum of understanding.’

Greg Zoeller, the Republican attorney general of Indiana, also voiced his opposition, dismissing the agreement as ‘unnecessary’ to his office's relationship with the federal government.

‘I never quite understood why they wanted a common memorandum of understanding,’ says Zoeller. ‘It has not really caught on well.’

Register here to receive our Latest Headlines email newsletter




Leave a Comment