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On January 5, 2020, the CFPB’s Task Force on Federal Consumer Financial Law issued its report “with recommendations on how to improve consumer protection in the financial marketplace.” The Bureau covered the two-volume report with a press release.
Volume I contains references to original empirical data, information, and analyses, and can be broken into three sections: (1) A historical and economic overview of consumer finance; (2) The framework of consumer financial protection: consumer protection, competition, innovation, and inclusion; and (3) Modernizing the regulatory framework and expanding consumer empowerment. The Task Force “used the insights gained to develop Volume II, which contains recommendations. [The] recommendations seek to improve the lives of every American consumer, regardless of race, creed, gender, ability, or status, with the important focus on improving access, inclusion, and choice for all Americans.”
- Taskforce on Federal Consumer Financial Law Report (Vol. I)
- Taskforce on Federal Consumer Financial Law Report (Vol. II)
In June 2020, CDIA filed a comment to the Task Force.