CFPB Close to an Information-Sharing Agreement with State AGs

In comments before the National Association of Attorneys General, Cordray suggested that the CFPB and state AGs were close to a “general framework” for information sharing.  The agreement would set forth the procedures for allowing state AGs and the CFPB to share information from complaints gathered through the Federal Trade Commission’s Consumer Sentinel network.  State AGs already have access to the Sentinel, but not all states contribute consumer complaints to the system.  An agreement would also include provisions that would expand state participation in furnishing information to Sentinel. 

Mining those complaints could produce information that may form the basis of multistate and/or joint investigations with the FTC, CFPB and/or state AGs.  Notably, however, the information sharing agreement would likely exclude information obtained through CFPB supervisory activities.