CFPB Announces Taskforce on Federal Consumer Financial Law

In a press release dated October 11, 2019, the CFPB announced plans to “harmonize and modernize” federal consumer financial laws and regulations by establishing a taskforce that will examine and make recommendations to improve the existing regulatory and legal environment.  According to CFPB Director Kathleen L. Kraninger in the CFPB press release, the mission of the task force will be to undertake “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 carryout our mission of protecting consumers.”

It is the intention of the CFPB to populate the taskforce with members having a broad range of expertise in areas that include:

• Consumer protection and consumer financial products or services;
• Analyzing consumer financial markets, laws, and regulations; and
• A demonstrated record of senior public or academic service.