Bloomberg News: Republican State AGs Resisting CFPB Cooperation

by Jeff Sovern

Here.  An excerpt:

A group of Republican state attorneys general has declined to sign cooperation agreements with the Consumer Financial Protection Bureau, part of an escalating Republican revolt against the agency that began in the U.S. Congress.

Richard Cordray, the agency’s director, asked all 50 states in March to sign a memorandum of understanding designed to protect confidential information shared among states and the bureau. To date, only 12 states — all but one with Democratic attorneys general — have signed, according to the bureau and documents obtained in a public records request.

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South Carolina Attorney General Alan Wilson, who is leading the effort with Pruitt, told a campaign rally in Greenville, South Carolina, last week that a suit against the Dodd-Frank would be filed in the “next couple of days.”

“We’re going to challenge that law,” Wilson said on Sept. 14, in remarks reported by Fox News. “We’re going take the battle back to Washington, D.C. because community banks on Main Street shouldn’t be choked to death so that big banks on Wall Street can take our money.” * * *

 Alas. the OCC is not the only agency captured by banks.

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