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Banker Beware: The CFPB Taskforce on Federal Consumer Financial Law

Question: 
How has CFPB Director Kathy Kraninger attempted to improve and strengthen consumer financial laws and regulations?
Answer: 

Director Kraninger does appear committed to strengthening consumer protection. One example of this can be seen through the CFPB Taskforce on Federal Consumer Financial Law. This Taskforce is designed to examine the existing legal and regulatory framework from the perspectives of consumers and financial services providers; thereafter, the Taskforce provides the Director with recommendations to improve/strengthen federal consumer protection laws and regulations.
The Taskforce develops new research on consumer financial laws, and is specifically focused on:
• Updating/modernizing federal consumer protection laws;
• Identifying gaps in knowledge that require more research;
• consumer education & improving consumer understanding of financial products and markets; and,
• Potential conflicts in existing consumer protection regulations.
During this webinar, we will discuss additional examples of CFPB actions to strengthen consumer protections and, conversely, weaken financial service providers (like your community bank).
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Learn more about Carly Souther’s webinar New CFPB Expectations: Compliance in 2020

First published on 04/12/2020

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