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CFPB state AGs announce coordination framework
WASHINGTON (4/12/11)--The Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) announced a Joint Statement of Principles Monday, saying it is the first step in “forging a new partnership between federal and state officials to protect consumers of financial products and services.” Elizabeth Warren, Special Advisor to the President on CFPB, said she anticipated the cooperative agreement will have a profound effect on the consumer financial markets. She made her remarks at the NAAG Presidential Initiative Summit in Charlotte, NC. Warren’s prepared remarks to summit participants noted: “Together, we can pose a greater deterrent to unscrupulous financial services providers. We can protect more consumers, and we can ensure that more institutions follow the rules.” The joint principles were developed to advance three goals shared by the CFPB and state attorneys general to intended to ensure protections for consumers of financial products and services:
* Protect consumers of financial products or services from unlawful acts or practices; * Provide clear rules that improve the marketplace for consumers and remove unfair competition for the benefit of law-abiding businesses; and * Find ways to promote understanding and address concerns raised by consumers about financial products or services as efficiently and effectively as possible.
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