Skip to main content

CFPB to Launch Consumer Financial Law Taskforce

Phil Hall
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.”

 
Published
Oct 11, 2019
The Fed: Tapering Could Start In November

Open Market Committee also expects to raise federal funds rate a year earlier, in 2022

Regulation and Compliance
Sep 23, 2021
HUD, FHFA: Freddie Mac Can Buy Group Home-Backed Loans

Agencies issue rule clarification after a mortgage lender refused to lend to an individual renting to a group home

Regulation and Compliance
Sep 23, 2021
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021