CFPB Announces Federal Consumer Financial Law Task Force
On October 11, the CFPB announced a new task force to harmonize and modernize federal consumer financial laws.
The task force will have a Chair and approximately six members. These members will be selected for their consumer protection expertise; experience in analyzing consumer financial markets, laws and regulations; past record of senior public or academic service, and professional achievements; and objectivity in economics, econometrics or law.
Other ‘detailees’ from the CFPB and across the federal government will also be brought on to assist. The members will serve for one year under the guidance of the CFPB and will examine the existing legal and regulatory framework to identify gaps in knowledge that should be addressed through research, ways to improve consumer understanding or markets and products, and potential conflicts or inconsistencies in existing regulations and guidance.
The goal of the task force will be to develop a report to the CFPB that may also be shared with Congress.
This task force is in part inspired by a similar commission established by Congress in 1968 that performed a similar review and analysis of then-current regulation of consumer credit. That commission’s research, analysis and resulting report were made public and led to significant legislative and regulatory developments in consumer finance.
In this blog post concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the blog post by a reader shall not give rise to an attorney-client relationship with SLG. SLG expressly disclaims any representation of accuracy or reliability as to the content of this blog post, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this blog post. The attorneys of SLG are not certified by the Texas Board of Legal Specialization.
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