CFPB Releases Taskforce Report on Improving Consumer Protection

The CFPB’s Taskforce on Federal Consumer Financial Law recently released a two-volume report on consumer protection in the financial marketplace.  In the report, the Taskforce makes over 100 recommendations to the CFPB, Congress, and state and federal regulators to help improve and strengthen consumer financial laws and regulations, based on the Taskforce’s outreach to stakeholders including consumer advocates, regulators, the CFPB’s advisory board, and the industry.  The report comprises two volumes.  Volume I includes data, overview, and background information.  Volume II contains the Taskforce’s recommendations for proposed systemic changes, which are based on five principles: consumer protection, information and education, competition and innovation, regulatory modernization and flexibility, and inclusion and access.