Task force on federal consumer law launched

The Consumer Financial Protection Bureau announced that it will establish a taskforce to examine ways to ‘harmonize and modernize’ federal consumer financial laws. 

The Consumer Financial Protection Bureau announced that it will establish a taskforce to examine ways to “harmonize and modernize” federal consumer financial laws. 

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 Kathy Kraninger on its recommendations for ways to improve and strengthen consumer financial laws and regulations. 

The taskforce will produce research and legal analysis of consumer financial laws in the United States, focusing specifically on harmonizing, modernizing, and updating consumer credit laws and their implementing regulations, the bureau said in its announcement. The task force will also identify 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.

“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,” Kraninger said. “As we work to set up the taskforce, we encourage interested individuals to apply to be considered to be part of the taskforce.”

The taskforce is in part inspired by an earlier commission established by the Consumer Credit Protection Act in 1968, the bureau said. The act established a national commission to conduct original research and provide Congress with recommendations relating to the regulation of consumer credit. 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 be seeking to fill the taskforce 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, the agency said.

The bureau is accepting applications for members to serve on the taskforce.

Fredrikson & Byron Law