Based on 50-plus year-old model, Bureau to set up task force to ‘strengthen, improve’ consumer protection law, rules

A taskforce to examine ways to harmonize and modernize federal consumer financial laws is being established by the federal consumer financial protection agency, with the intent, the agency said Friday, of strengthening and improving consumer protection law and regulations.

The model for the task force on federal consumer financial law, according to the Consumer Financial Protection Bureau (CFPB), is a review of consumer protection conducted more than 50 years ago.

The CFPB said this new task force will examine the existing legal and regulatory environment facing both consumers and financial services providers, and report back to Director Kathleen (“Kathy”) Kraninger.

According to the bureau, the task force 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.”

In a release, the CFPB said it is accepting applications for members to serve on the taskforce. The agency said it seeks members “with a broad range of expertise in the areas of consumer protection and consumer financial products or services; significant expertise in analyzing consumer financial markets, laws, and regulations; and a demonstrated record of senior public or academic service.”

The model for the group, according to the CFPB, is a commission established by the Consumer Credit Protection 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 agency said in its release.

According to the CFPB, that commission’s report contained original empirical data, information, and analyses in support of its 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 bureau said.

CFPB Announces Taskforce on Federal Consumer Financial Law