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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.
In November 2021, as reported in the American Banker, the CFPB “settled a lawsuit brought by a group of consumer advocates that alleged former CFPB Director Kathy Kraninger, a Trump appointee, violated the Federal Advisory Committee Act when she created a task force of outside experts. The act says federal advisory committees must be essential, in the public interest, fairly balanced and structured to avoid inappropriate influence.” The article adds that the “settlement states that the CFPB failed to comply with FACA’s requirements in creating and operating the task force. Its two reports issued in January now must include a prominent warning label in bold red font stating that the task force violated FACA.”