The CFPB will soon begin a new process of modernizing and harmonizing consumer financial protection laws and regulations, through a Taskforce on Federal Consumer Financial Law. On Friday, October 11, the CFPB announced it will be forming a taskforce to examine current regulations and recommend ways to improve federal consumer financial laws.
The taskforce is anticipated to produce new research and legal analysis of consumer financial laws in the United States, with a focus on updating consumer credit laws and regulations and ensuring they are more consistent across the board. In addition, the taskforce will be examining ways to increase consumer understanding of markets and products, and will look at potential conflicts in existing regulations and guidance. The taskforce will report its findings and recommendations to Director Kraninger.
The formation of this taskforce is inspired partially by an earlier commission established by the Consumer Credit Protection Act in 1968. The findings and recommendations from the 1968 commission led to significant legislative and regulatory developments in consumer finance.
The taskforce will include six members and a chair. The CFPB is looking for individuals who have records of both senior public service and expertise in consumer finance, with a focus on consumer protection and consumer financial products or services; who have significant experience researching and analyzing consumer financial markets, laws, and regulations; and who have received recognition for professional achievements and objectivity in economics, econometrics, or law. The CFPB has not yet indicated when the taskforce would begin its work, but the window for potential applicants is open until October 25, 2019.