CFPB Taskforce Report Examines Buyer Protections in Economical Marketplace

The Purchaser Money Protection Bureau (CFPB) Taskforce on Federal Customer Financial Legislation has launched a report with tips on bettering shopper protection in the monetary market.

The Taskforce was chartered in January 2020 to examine the current authorized and regulatory setting struggling with people and monetary solutions providers. The report highlights 5 interrelated ideas for opportunity systematic changes to the present-day legal and regulatory framework: shopper protection, facts and education, level of competition and innovation, regulatory modernization and adaptability, and inclusion and access.

The report features around 100 recommendations for the CFBP, Congress, and state and federal regulators to contemplate. Amid the suggestions are authorizing the CFPB to difficulty licenses to non-depository institutions that offer lending, money transmission, and payments expert services pinpointing competitive boundaries and presenting recommendations to policymakers and regulators for expanding obtain to the payments devices by nonbank providers studying and producing insurance policies to handle difficulties of economic inclusion in rural communities investigating consumer reporting concerns that arise in connection with a consumer’s individual bankruptcy identifying prospects to coordinate regulatory efforts coordinating initiatives by organizations for generating a unified regulatory regime for new and innovative systems furnishing providers identical to banks and scheduling periodic assessments of the precision and completeness of consumer credit score reviews.

The Taskforce’s tips adopted a year’s value of engagements with exterior stakeholders, together with buyer advocates, the CFPB’s merged advisory boards, condition and federal regulators, and sector leaders. The Taskforce was chaired by Todd J. Zywicki, Professor of Law at George Mason University Antonin Scalia Legislation University and Senior Fellow of the Cato Institute, and consisted of William MacLeod, husband or wife at Kelley Drye & Warren LLP, and former Bureau Director at the U.S. Federal Trade Fee Dr. J. Howard Beales III, Emeritus Professor of Strategic Management and General public Policy at the George Washington College Dr. Thomas Durkin, previous Senior Economist at the Federal Reserve Board and L. Jean Noonan, Companion at Hudson Cook dinner.

CFPB Director Kathleen L. Kraninger welcomed the report by stating, “The Bureau is currently committed to many of the encouraged ideas introduced in the report. The Taskforce recommendations aid outline and illuminate our recent route.”

The report is now offered on-line in a two-quantity posting.