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CFPB Consumer Financial Law Task Force Outlines Upcoming Initiatives

The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial Law announced several upcoming initiatives as part of its overall goal of harmonizing and modernizing consumer financial laws. The task force—which was established last year—is undertaking an examination of existing legal and regulatory frameworks and reporting its findings and recommendations to CFPB Director Kathy Kraninger.

In a blog post, task force chairman Todd Zywicki, a law professor at George Mason University, noted that the result of the task force’s work will be a two-volume report providing an overview of existing consumer financial protection laws, analyzing costs and benefits of financial products and services and identifying redundancies or gaps in current regulations and providing recommendations for improvements.

Zwyicki noted that the task force is currently reviewing comments from a previously issued request for information on where it should focus its research and analysis and said it plans to host a public hearing later this summer, along with a listening session with the CFPB’s four advisory committees this fall.