The Consumer Financial Protection Bureau has formed a new task force charged with developing “recommendations on harmonizing, modernizing, and updating the Federal consumer financial laws.” While we hope that this task force will make a valuable contribution by identifying weaknesses in the current regulatory framework established to protect consumers from fraud and abuse in the financial services marketplace, we fear it is more likely to produce recommendations that give a nod to consumer protection but actually do little to safeguard consumers from fraud and abuse or even weaken existing protections. The language used in the task force’s mandate, its membership, and the CFPB’s abysmal track record during the past three years gives us little reason to change our assessment. Read our full comments here or by clicking the button below.
June 2, 2020
Better Markets Issues Comment Letter in Response to CFPB Request for Information to Assist Task Force on Federal Consumer Financial Law