Just two weeks before the inauguration of President-elect Biden, and the launch of a new executive administration, the Consumer Financial Protection Bureau (CFPB or Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) issued a nearly 900-page report making extensive recommendations for legislative and regulatory reform, enactment, and adoption of new initiatives. The Taskforce comprised five appointed members with more than 150 combined years of economic, legal and regulatory experience in federal consumer financial law. In January 2020, now out-going CFPB Director Kathy Kraninger charged the Taskforce with:
“provid[ing] an objective and independent evaluation, in the form of one consensus report to the Director, of the Bureau’s current regulatory framework;”
“examin[ing] the existing legal and regulatory environment facing consumers and financial services providers;” and
“report[ing] its recommendations for ways to improve and strengthen consumer financial laws and regulations.”
This update provides a broad overview of Volumes I and II of the Taskforce Report. We anticipate publishing more detailed analyses of the Report’s specific recommendations for legislative and regulatory reform, as well as drafting blog-posts and hosting webinars and podcasts devoted to emerging areas of federal consumer financial law, throughout 2021.