Attorneys General Are CFPB Skeptics, Too

September 20, 2011

The future of the Consumer Financial Protection Bureau will continue to be ambiguous as long as questions remain regarding the bureau’s budget and leadership, asserted several state attorneys general and government regulators this week.

At the Residential Mortgage Litigation & Regulatory Enforcement Conference in Dallas, reports that Indiana Attorney General Greg Zoeller praised the character and career of former Ohio AG Richard Cordray, now President Obama’s nominee to lead the CFPB director.

“Richard is an excellent person to run the thing,” Zoeller said.

Yet, Zoeller said he did not endorse a letter supporting the director’s appointment, because he feels the government should come to a consensus on the agency’s organizational structure before a leader is confirmed.

“Not having a Chairman confirmed is the only way the legislature can have a rethinking of the entire process, which is needed,” Zoeller added. “Rich is very smart and he’ll do a good job,” said King. “It would be great to have leadership in place… It’s very frustrating to us not to have something in place by now.”

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