October 16, 2019

CFPB announces financial law task force

The CFPB announced Friday a new financial law task forceThe CFPB on Friday announced that it is assembling a taskforce to examine ways to harmonize and modernize federal consumer financial laws. The taskforce – reporting to CFPB Director Kathy Kraninger – will recommend ways to improve and strengthen consumer financial laws and regulations.

“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,” said Kraninger in a statement.  “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, inspired by an earlier commission established under the Consumer Credit Protection Act in 1968, will also work to update laws in efforts to help consumers better understand markets, products, and potential conflicts or inconsistencies in existing regulation.

The bureau is currently accepting applications for members to serve on the taskforce and is looking for applicants with:

  • 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; and
  • recognition for professional achievements and objectivity in economics, econometrics, or law.

Applications are due Oct. 25 by 5:00 p.m. Eastern. Those interested may contact NAFCU Director of Regulatory Affairs Ann Kossachev for additional information. 

Director Kraninger, who has led the bureau since December, is set to provide an update this week on the bureau's efforts to the House Financial Services Committee and Senate Banking Committee.

During NAFCU's Congressional Caucus, Kraninger unveiled the bureau's efforts to cut back on regulatory duplication through the use of four tools - supervision, education, rulemaking and guidance, and enforcement. She also emphasized the need for cost benefit analysis when it comes to solid policymaking and the need to preserve consumer choice in policies and rulemakings.