CFPB Announces New Taskforce on Federal Consumer Finance Law

Last week, the Consumer Financial Protection Bureau (CFPB) announced a new taskforce that will review federal consumer financial laws with the ultimate responsibility of proposing ways to harmonize and update those laws. 

“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 Kathy Kraninger. “As we work to set up the taskforce, we encourage interested individuals to apply to be considered to be part of the taskforce.”

In their press release, the CFPB said that the idea of the new taskforce partly derives from the commission that was established by the Consumer Credit Protection Act in 1968. That commission conducted original research and inspired legislative and regulatory changes based on its findings. 

The CFPB is currently searching for interested applicants who have a “demonstrated record of senior public or academic service.” For those interested in applying, please click here.