Knight Investments LLC Support US Consumer Financial Protection Bureau's Level Playing Field Policy

Online, March 10, 2011 (Newswire.com) - Recently, the CFPB Assistant Director for Enforcement addressed the National Association of Attorneys General. In his address the following quotes were found

"It was good to see some old friends and new faces - State attorneys general from around the country. Prior to coming here, I had the honor of serving as Ohio's Attorney General. In that role, I had the privilege of being on the front lines of consumer protection, and that experience is one reason I was excited and proud to join the new consumer bureau." said the CFPB Assistant Director for Enforcement. (SOURCE US CFPB)

The address echoed words that have been etched in recent legislation for Knight Investments LLC (KI). Compliance Officials stated that these remarks were what followed the passage of H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act - a legislation that KI must strictly adhere to as a Registered Compliance Hub.

KI Officials noted that state attorneys general will be an important partner for the Bureau because they understand as well as anyone the kinds of problems that consumers - their constituents - face.

There's another reason, too: Congress has emphasized that the government is to enforce Federal consumer financial law consistently, without regard to whether a financial services provider is a depository institution or not, in order to promote fair competition. That work will require the sustained collaboration of State and Federal regulators, including both the consumer bureau and State attorneys general.

KI, as a privately Registered Compliance Hub, will also feel the burden to go to new extents to ensure its inquiring principals are being compliant with legislation.

With new technology and fierce competition, financial services companies are developing new and fast-changing products and services that cut across existing regulatory frameworks. Leveling the playing field by treating the participants in the marketplace on par, regardless of their corporate structure or charter choice, is a new approach that will benefit both consumers and financial companies.

Officials from KI stated that if we learned anything from the financial crisis, it is that gaps in Federal oversight can contribute to systemic failure by allowing unwarranted and unsustainable risks to be created in the economy.

Of course, State attorneys general also know that leveling the playing field across different kinds of financial providers and products and services is essential and will require sustained resources. State officials have noted that tens of thousands of so-called "non-bank" companies offer consumer financial products and services - they just don't take deposits like a bank or thrift. The importance of compliance therefore cannot be overlooked.

The consumer bureau will depend on the expertise and experience of State attorneys general as we work together to protect consumers. They will be more effective and efficient because of this partnership, and the CFPB Assistant Director for Enforcement stated that he knows his visit with the State attorneys general previously was another step toward a sustained effort to insist on fairness in the marketplace.