As part of the 2010 Dodd-Frank financial reform legislation, the Consumer Financial Protection Bureau (CFPB) was created in order to consolidate federal financial consumer protection into one agency.  Republicans were not in favor of the new agency and would not confirm any appointments to the head of the CFPB.  As a result, on January 4, 2012, President Obama appointed Richard Cordray to the head of the CFPB in a recess appointment.  After his appointment, Cordray asked all 50 states to sign a memorandum of understanding designed to ensure confidentiality of any sensitive information exchanged among the states and the agency.  To date, only 12 states, all but one with Democratic attorneys general, have signed the document.  Four Republican attorneys general, led by Oklahoma Attorney General Scott Pruitt, have announced their intention to join an existing lawsuit that is challenging the constitutionality of Dodd-Frank, and specifically the CFPB.  “There are misgivings I have about the authority and scope and power of the CFPB and the power granted to the director,” said Pruitt.  According to Pruitt, “until some of those issues are fleshed out, it is very premature for a state to enter into [the memorandum of understanding].”  (“Republican State AGs Resisting Cooperation With CFPB,” Bloomberg, September 19, 2012).