The four people appointed Thursday to the CFPB’s Task Force on Federal Consumer Protection Law have one thing in common: They don’t like the agency’s work or organization.
In announcing the appointment of four people to the CFPB’s Task Force on Federal Consumer Financial Law, Director Kathy Kraninger said she wants the task force to conduct a thorough study of the current regulatory framework and how to improve it.
That won’t happen with the current membership, one consumer advocate said.
“It’s shocking that Consumer Financial Protection Bureau Director Kraninger didn’t even appoint a token pro-consumer person to this sham taskforce,” said Lauren Saunders, associate director of the National Consumer Law Center. “The members have a track record of opposing consumer protection regulations. The CFPB should not be convening a task force to write the industry lobbyists’ report to gut consumer protection laws. Whatever recommendations made are likely to be biased and to carry water for large financial corporate interests.”
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