Consumer Protection Bureau Forges Partnership with State AGs

``At a summit held in Charlotte, North Carolina on Monday, the new Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) released nine principles which a press release described as "the first step in forging a new partnership between federal and state officials to protect consumers of financial products and services..." Warren told the Working Group that there would be a two pronged approach to fixing the broken consumer financial markets. First, it must be made easier for a family to see the costs and risks of a product up front and compare that product to two or three others. Second, and her prepared remarks stressed this, CFPB will enforce the law. '' -- If law enforcement will be the goal, we can't object. Hopefully this will be the focus of CFPB and NAAG activities going forward, rather than politicized objectives.