CFPB Announces Task Force to Study Consumer Law Regulatory Regime

The CFPB is forming a Task Force on Federal Consumer Financial Law to examine the federal legal and regulatory environment facing consumers, the agency announced Friday.

The task force will produce new research on the best ways to harmonize, modernize and update consumer credit laws and ways that gaps should be addressed.

“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 CFPB Director Kathleen Kraninger said.

Credit unions have complained that the NCUA, not the CFPB, should be the agency regulating all credit unions.

CFPB officials said the task force is inspired, in part, by an earlier commission created in 1968 to study consumer law and make recommendations to Congress.

The bureau is accepting applications for the task force until Oct. 25 and is seeking people with a broad range of experience. The task force will have a chair and about six members, with the group also relying on staff from other federal agencies.