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CFPB: Request for Information Seeking Public Recommendations Regarding Updating Consumer Financial L CFPB: Request for Information Seeking Public Recommendations Regarding Updating Consumer Financial L

CFPB: Request for Information Seeking Public Recommendations Regarding Updating Consumer Financial Laws

On March 27, 2020, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking public comments on updating federal consumer financial laws. These suggestions will ultimately assist the CFPB’s Taskforce on Federal Consumer Financial Law [Link to Taskforce Members] in focusing its research and analysis attention during 2020, ultimately informing recommendations to CFPB Director Kraninger regarding strengthening consumer financial laws and proposed legislation.

The Taskforce is an independent group created by the CFPB and tasked with delivering findings to Director Kraninger by January 2021. The Taskforce principally is responsible for assessing regulations and laws governing consumers and financial services providers and providing input on how to improve them.<

The RFI is principally focused on analyzing laws and regulations regarding protection and use of consumer data, expanding access to financial products, developing regulation under the purview of the CFPB, reducing the gap between federal and state regulations, and generally improving the market for consumers and providers.

RFI comments may be submitted until June 1, 2020. You may access the RFI here and more information on the Taskforce can be found here. If you have any questions, please contact Ice Miller’s Financial Services Litigation team.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader should consult with legal counsel to determine how laws or decisions discussed herein apply to the reader’s specific circumstances.
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