Report: Cordray close to consumer protection deal with AGs

Jessica M. Karmasek Mar. 7, 2012, 8:58am


WASHINGTON (Legal Newsline) - The new director of the U.S. Consumer Financial Protection Bureau is reportedly close to finalizing an information-sharing pact with a group of state attorneys general.

Bloomberg reported that Richard Cordray, who heads the bureau that is tasked with regulating consumer financial products, was expected to announce the agreement later Tuesday.

The arrangement, which would aid law enforcement, will establish a framework to share data on consumer financial protection issues, according to the news site.

Cordray, a former Ohio attorney general and who was recess appointed by President Barack Obama in January, was among those speaking to the National Association of State Attorneys General in Washington, D.C., Tuesday.

The group is in town for its annual spring meeting. The three-day conference's theme is "Opportunities and Challenges in State-Federal Relationships."

According to Bloomberg, the bureau and the attorneys general have formed working groups and are meeting regularly to discuss challenges facing citizens, including payday loans and foreclosure scams.

Cordray also was expected to ask the attorneys general to work with the bureau to address abuses in the debt collection business, the news site reported.

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