AG Madigan: Don’t Weaken Consumer Protection

By Nick Gale, WLS-AM 890 News

(CHICAGO) — Illinois Attorney General Lisa Madigan Thursday joined a coalition of 16 other attorneys general to call on the federal government to maintain the Consumer Financial Protection Bureau’s investigative authority.

The CFPB was created to be a powerful federal agency with a mission of fighting for financial fairness and stopping predatory practices,” Madigan said. “The CFPB can’t do its job without the ability to investigate. I will continue to fight for the CFPB and the financial futures of everyday Americans.”

On Jan. 26, 2018, the CFPB began a process that could lead to limiting its investigative authority by seeking public comment on “how best to achieve meaningful burden reduction.” In a Request for Information, the CFPB acknowledges the important role that civil investigative demands have played in protecting consumers but notes that the demands impose burdens on those being investigated.

In their letter, the attorneys general emphasize that:

The CFPB’s implementation of its investigative authority was non-controversial and based on established law enforcement practices;

The legislative grant of civil investigative demand authority allows agencies to fulfill their mandates;

Judicial supervision ensures that the rights of those who receive civil investigative demands are respected; and

The CFPB has used its investigative authority responsibly and effectively.

Since its inception in 2011, the CFPB has returned nearly $12 billion to financial consumers across the country by using its investigatory authority to root out fraudulent schemes.

Joining Madigan in sending the letter to the CFPB are the attorneys general of: California, Delaware, Hawai’i, Iowa, Maryland, Minnesota, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.

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