Purpose of the Taskforce on Federal Consumer Financial Law
The taskforce will examine the existing legal and regulatory environment facing consumers and financial services providers and report recommendations on ways to improve and strengthen consumer financial laws and regulations to CFPB Director Kathy Kraninger.
The taskforce 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.
Background on the taskforce
The taskforce is in part inspired by an earlier commission established by the Consumer Credit Protection Act (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 undergird 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 taskforce will have a Chair and approximately six members, who will develop and manage the report’s final contents. Additionally, the taskforce will bring on detailees from across the Bureau and Federal government.
The Bureau plans to select members with demonstrated records of both senior public service and expertise in consumer finance, including:
- Expertise in consumer protection and consumer financial products or services.
- Significant experience researching and analyzing consumer financial markets, laws, and regulations.
- Past record of senior public or academic service.
- Recognition for professional achievements and objectivity in economics, econometrics, or law.