CFPB Creates Federal Consumer Finance Law Taskforce

The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release.

The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers and financial services providers, and will report directly to CFPB Director Kathleen Kraninger. The taskforce will bring recommendations concerning the improvement and strengthening of American consumer financial laws and regulations to the Director, and will also produce legal analysis and research related to U.S. financial laws with an aim to modernize and update enumerated consumer credit laws and their implementation regulations.

That research will serve to identify knowledge gaps that have the potential to be addressed, while also offering possible ways to improve consumer understanding of markets and products and the accompanying regulations and guidance.

“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 CFPB Director Kathleen Kraninger in the announcement release. “As we work to set up the taskforce, we encourage interested individuals to apply to be considered to be part of the taskforce.”

The CFPB detailed that part of the inspiration for the taskforce’s implementation comes from an earlier commission established by the Consumer Credit Protection Act in 1968, which at the time of its passage established a national commission to conduct research and provide Congress with recommendations concerning consumer credit regulation.

The Bureau seeks to fill the taskforce’s roster with members who exhibit a “broad range of expertise in the areas of consumer protection and consumer financial products or services,” along with significant expertise in “analyzing consumer financial markets, laws, and regulations.” Applicants with a demonstrated record of senior public or academic service are also encouraged.

CFPB has made public some additional information aimed at prospective applicants, including sought-after qualifications and more details on the application process. Find that information at the CFPB.

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