CFPB announces financial law task force

The 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.


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