The Consumer Financial Protection Bureau announced that it is establishing a new task force that will focus on harmonizing and modernizing consumer financial laws. The task force will examine the existing legal and regulatory framework and will report its findings and recommendations for improvement to CFPB Director Kathy Kraninger.
“An objective and independent evaluation of our current regulatory framework to identify where there may be gaps or where regulation should be simplified or modernized is needed to help us more effectively carry out our mission of protecting consumers,” Kraninger said.
The bureau is seeking applications for members to serve on the task force, including those with expertise in the areas of consumer protection and consumer financial products or services; analyzing consumer financial markets, laws and regulations; and a demonstrated record of senior public or academic service.
