March 30, 2020

CFPB seeks recommendations for taskforce

CFPBThe CFPB Friday issued a request for information (RFI) to inform the efforts of its Taskforce on Federal Consumer Financial Law. The bureau launched the taskforce last year to find ways to improve and strengthen consumer financial laws and regulations.

To meet its objective, the bureau said 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 federal consumer financial laws – including their implementing regulations – and identifying gaps in knowledge that should be addressed through research, ways to improve consumer access to and understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance."

Through the RFI, the bureau is seeking comments on:

  • expanding access to consumer financial products and services;
  • protection and use of consumer data;
  • regulations the bureau writes and enforces;
  • federal and state coordination; and
  • improving the market for consumer financial products and services.

Those interested in providing recommendations for the taskforce can submit comments for 60 days once the RFI is published in the Federal Register.