The Consumer Financial Protection Bureau announced that it will establish a task force to examine ways to harmonize and modernize federal consumer financial laws. The bureau is accepting applications for members to serve on the task force.
The Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to CFPB Director Kathleen Kraninger its recommendations for ways to improve and strengthen consumer financial laws and regulations. The task force will produce new research and legal analysis of consumer financial laws in the United States, focusing specifically 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 task force is in part inspired by an earlier commission established by the Consumer Credit Protection Act in 1968. In addition to various changes to consumer law generally, the Act established a national commission to conduct original research and provide Congress with recommendations relating to the regulation of consumer credit. The commission’s report contains original empirical data, information, and analyses—all of which under gird the report’s final recommendations. The data, findings, and recommendations from the commission were all made public and the report led to significant legislative and regulatory developments in consumer finance.
The bureau will seek to fill the task force with several members with a broad range of expertise in the areas of consumer protection and consumer financial products or services; significant expertise in analyzing consumer financial markets, laws, and regulations; and a demonstrated record of senior public or academic service.
Click here for additional information on the qualifications for members, as well as the process for applying.