Consumer Financial Protection Bureau issues request for information to assist taskforce on Federal Consumer Financial Law
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to assist the Taskforce on Federal Consumer Financial Law (Taskforce) with recommendations on harmonizing, modernizing, and updating the federal consumer financial laws.
The Taskforce seeks input from the public at this time to help identify areas of consumer protection on which it should focus its research and analysis during the balance of its one-year appointment. The RFI will be one of multiple opportunities for the public to provide feedback directly to the Taskforce and thus to help inform its recommendations. More specifically, the RFI seeks comments and other information on the following topics: 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. The comment period for the RFI will close 60 days after the date of its publication in the Federal Register. The comment deadline will be provided on the Bureau’s website.
The Taskforce is an independent body within the Bureau and reports to Director Kathleen L. Kraninger. It is charged with examining the existing legal and regulatory environment facing consumers and financial services providers and reporting its recommendations for ways to improve and strengthen federal consumer financial laws to the Bureau’s Director. The Taskforce’s recommendations may include actions that the Bureau could carry out using its current authorities and actions that would require legislation to implement. 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.
The Taskforce members were announced in January 2020 and they are expected to deliver their findings to Director Kraninger within the span of one year.
The public is invited to submit written comments on the RFI. The Taskforce will carefully consider the comments before delivering its findings to the Director.
To read the RFI click here: https://files.consumerfinance.
To learn more about the Taskforce click here: https://www.consumerfinance.