Attorney General Martha Coakley, along with the attorneys general of 23 other states, sent a letter today to House and Senate leadership urging Congress to support the establishment of the federal Consumer Financial Protection Agency (CFPA).

"The current financial crisis, caused by irresponsible subprime lending and inadequate oversight, has demonstrated the need for comprehensive and effective consumer protection and enforcement at the federal level," Coakley’s office said in a press release. 

"Today, we urge Congress to consider this proposal, which we believe will help combat unfair and deceptive practices in the financial services industry. Not only will this legislation enhance consumer protections at the federal level but it also allows for joint federal and state enforcement to ensure that attorneys general can continue to combat fraud and abuses in the financial marketplace to protect consumers," said Attorney General Coakley.