Group of State Attorneys General Backing CFPA

Connecticut attorney general Richard Blumenthal along with three other state AGs urged Congress to pass legislation creating a federal Consumer Financial Protection Agency, claiming it is critical to shield consumers from financial industry abuses that brought the nation to the brink of economic disaster. "The new agency — a consumer financial guardian — promises to be a powerful watchdog and protector, and a partner of state attorneys general in fighting for our citizens," Mr. Blumenthal said during a press conference. Iowa Attorney General Tom Miller, Illinois Attorney General Lisa Madigan and Ohio Attorney General Richard Cordray also participated in the press conference. "If the banks can't kill the CFPA," AG Madigan said, they are proposing to house the consumer protection in one of the existing federal regulators. "I can tell you, that is a recipe for another disaster, because federal banking regulators have a dismal track record when it comes to protecting consumers and quite frankly our economy. They have shown no interest in or ability to protect consumers in the past, so none of them should be entrusted with that crucial mission now," she said.