Richard Cordray used to be Ohio’s Attorney General. Thus, it should come as little surprise that now in his role as lead enforcer for the Consumer Financial Protection Bureau (CFPB), Cordray believes state attorneys general will be key allies for the fledgling organization. (Related Article: Credit Card Regulation Top Priority for New CFPB Enforcement Chief)
On March 8, the same day he gave a presentation to National Association of Attorneys General, Cordray posted a blog entry on the CFPB website that outlined how state attorneys general can help with regulating across various financial services and products.
“With new technology and fierce competition, financial services companies are developing new and fast-changing products and services that cut across existing regulatory frameworks,” wrote Condray. “Leveling the playing field by treating the participants in the marketplace on par, regardless of their corporate structure or charter choice, is a new approach that will benefit both consumers and financial companies.”
Cordray added in the post that one of the major lessons learned from the recent financial meltdown is that “gaps in Federal oversight can contribute to systemic failure by allowing unwarranted and unsustainable risks to be created in the economy.”
Click here to read Cordray’s full blog entry.
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