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CFPB Issues Request for Information to Assist Consumer Financial Protection Law Taskforce

Several months ago, we reported on the CFPB’s establishment of a taskforce that would make recommendations on how to harmonize, modernize and update federal consumer financial laws.

On March 27th, the CFPB issued a public request for information (RFI) to obtain input on areas where it should focus its research and analysis. Specifically, the RFI seeks comments on the following topics: expanding access to consumer financial products and services; protection and use of consumer data; regulations the CFPB writes and enforces; federal and state coordination; and improving the market for consumer financial products and services. The comment period ends on June 1, 2020.

The text of the RFI is available here: Request for Information to Assist the Taskforce on Federal Consumer Financial Law

Although residential mortgage lending is only one of the consumer financial markets covered in the RFI, this may be a critical opportunity for our industry to give input that could shape its direction for years to come. The CFPB has indicated that it would consider implementing recommendations from the taskforce already authorized under current law, and would also consider seeking additional congressional authority to implement taskforce recommendations if needed.

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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. Unless otherwise noted, the attorneys of SLG are not certified by the Texas Board of Legal Specialization.

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