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Press Room

NAAG Presidential Initiative Summit to Focus on Fighting Financial Fraud

Roy Cooper, National Association of Attorneys General (NAAG) president and North Carolina Attorney General, invites you to attend his Presidential Initiative Summit, April 11 – 12 in Charlotte, N.C. The goal of the summit, “America’s Financial Recovery: Protecting Consumers While We Rebuild”, is to ensure a level financial playing field for consumers.

“Crimes and scams related to foreclosure, debt relief, business opportunities, identity theft, and mortgage fraud flourish in hard times, and consumers and legitimate businesses are getting ripped off,” said Attorney General Cooper. “As our economy rebounds, we must work hard to protect working Americans from fraud and unfair financial practices.”

The Summit will provide a forum for Attorneys General, the financial industry, academia, government, consumer advocacy groups, and other stakeholders to find ways to detect and prevent financial scams that sink consumers further into debt and hinder businesses’ growth.

A law signed last year will play a significant role in the Summit agenda. The Dodd-Frank Wall Street Reform and Consumer Protection Act [P.L. #111-203] created the new federal Consumer Financial Protection Bureau (CFPB), to oversee financial products introduced into the marketplace, among other things.

As the chief law enforcement officers of the states, Attorneys General have long played a critical role in protecting consumers from financial harm. From stopping scammers to fighting predatory lending, Attorneys General are active and effective in addressing consumers’ complaints and advocating for change. The Act preserves that role and expands the tools available to Attorneys General by authorizing them to enforce certain provisions of the law and related regulations.

One of the Initiative’s goals is to establish a meaningful, cooperative partnership between the Attorneys General and the CFPB. Elizabeth Warren, special advisor overseeing the CFPB development, has agreed to speak during the Summit. Other confirmed Summit speakers include Federal Trade Commission Commissioner Julie Brill and Bank of America CEO Brian Moynihan.

A Presidential Initiative Working Group, comprised of Attorney General Cooper, Washington Attorney General Rob McKenna, Iowa Attorney General Tom Miller, Illinois Attorney General Lisa Madigan and Indiana Attorney General Greg Zoeller, will serve as a state sounding board for the CFPB as it begins operations.

The working group has written a summary of the provisions of the Act that relate to the CFPB and the new authorities given to Attorneys General, available on the NAAG website: http://www.naag.org/assets/files/pdf/pubs/wall-street-reform-UB.pdf.

The working group is also developing areas of common interest between the Bureau, state Attorneys General, and interested industry. Areas already identified are data sharing, enforcement coordination, and preemption of state law, topics that will serve as the framework for the Summit agenda.

For planning purposes, the Summit program will begin with a Welcome Reception at 6:30 p.m. on Sunday, April 10 at the NASCAR Hall of Fame. The program will end at approximately 2 p.m. on Tuesday, April 12.

Questions about the Summit agenda may be directed to Jennifer Epperson, North Carolina special counsel, jepperson@ncdoj.gov. For other matters, including Summit registration fees and hotel information, go to www.naag.org or contact Dennis Cuevas, NAAG Consumer Protection counsel, dcuevas@naag.org or Karen Cordry, NAAG Bankruptcy counsel, kcordry@naag.org.

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David Thompson
NAAG PRESIDENT & NORTH CAROLINA ATTORNEY GENERAL ROY COOPER