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Attorney generals concerned about CFPB’s structure

Greg ZoellerA group of attorney generals said that while they approve the president’s pick of Richard Cordray to lead the Consumer Financial Protection Bureau, they are still concerned about the bureau’s structural issues.

Indiana Attorney General Greg Zoeller spoke in support of Cordray, the former attorney general of Ohio, during the Residential Mortgage Litigation and Regulatory Enforcement Conference in Dallas, HousingWire.com reports.

Zoeller said he did not sign a letter in support of Cordray’s appointment because he believes Congress should adjust the bureau’s structure before a leader is confirmed.

Zoeller, along with many Republican members of Congress, wants more oversight for the bureau and is troubled that it receives funding directly from the Federal Reserve.

"Not having a chairman confirmed is the only way the legislature can have a rethinking of the entire process, which is needed," Zoeller said, according to HousingWire.com.

New Mexico Attorney General Gary King also spoke in support of Cordray during the conference.

“Rich is very smart and he’ll do a good job,” King said, HousingWire.com reports. “It would be great to have leadership in place.”

King said he is anxious for the bureau to begin using its full authoritative powers, which are on hold until a director is confirmed.

Attorney generals are on hold as long as the bureau is on hold, according to King, who said “there is no need to pass state regulation until we know what the regulations will be,” according to HousingWire.com.

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