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CFPB to Launch Consumer Financial Law Taskforce

Oct 11, 2019
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) is launching a taskforce to streamline and update federal consumer financial laws.
 
According to a statement issued by the agency, the new Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and offer ideas to “improve and strengthen consumer financial laws and regulations.” The taskforce will also produce research and legal analysis of consumer financial laws with a focus on “harmonizing, modernizing, and updating the enumerated consumer credit laws—and their implementing regulations—and identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance.”
 
The CFPB stated the taskforce was inspired by a similar commission established by the Consumer Credit Protection Act in 1968. The agency is now accepting applications for taskforce membership.
 
“An objective and independent evaluation of our current regulatory framework to identify where there may be gaps or where regulation should be simplified or modernized is needed to help us more effectively carry out our mission of protecting consumers,” said Consumer Financial Protection Bureau Director Kathleen L. Kraninger. “As we work to set up the taskforce, we encourage interested individuals to apply to be considered to be part of the taskforce.”

 
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Oct 11, 2019
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