WASHINGTON–The CFPB has named the four members who will serve on its new Taskforce on Federal Consumer Financial Law, but one consumer group is calling the process a “sham.”
Separately, the CFPB announced the initial meeting date and site of its “Office Hours” series.
According to the agency, the Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kathy Kraninger its recommendations for ways to improve and strengthen consumer financial laws and regulations.
“The Taskforce will produce new research and legal analysis of consumer financial laws in the United States, focusing specifically on harmonizing, modernizing, and updating the federal consumer financial laws—and their implementing regulations—and identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance,” the CFPB said.
The Task Force Members
The Taskforce members are:
- J. Howard Beales, III, former professor of Strategic Management and Public Policy at the George Washington University and former director of the Bureau of Consumer Protection at the Federal Trade Commission
- Thomas Durkin, senior economist (retired) at the Federal Reserve
- Jean Noonan, partner at Hudson Cook, former general counsel at the Farm Credit Administration, and former associate director of the Bureau of Consumer Protection's Credit Practice at the Federal Trade Commission
- Todd J. Zywicki, professor of Law at George Mason University (GMU) Antonin Scalia Law School, senior fellow of the Cato Institute, and former executive director of the GMU Law and Economics Center.
The Bureau also announced the designation of Todd Zywicki to serve as the Chair of the Taskforce and the appointment of Matt Cameron to serve as Staff Director of the Taskforce.
Response From NCLC
The CFPB announcement was met by strong criticism from the National Consumer Law Center.
“It’s shocking that Consumer Financial Protection Bureau Director Kraninger didn't even appoint a token pro-consumer person to this sham task force,” said Lauren Saunders, associate director of the National Consumer Law Center. “The members have a track record of opposing consumer protection regulations. The CFPB should not be convening a task force to write the industry lobbyists' report to gut consumer protection laws. Whatever recommendations made are likely to be biased and to carry water for large financial corporate interests.”
‘Office Hours’ In Salt Lake City
Separately, the CFPB and the Office of the Utah Attorney General announced the first joint “office hours” to be held as part of the American Consumer Financial Innovation Network (ACFIN).
“Joint office hours, held as part of ACFIN, provide innovators with the opportunity to discuss issues such as financial technology, innovative products or services, regulatory sandboxes, no action letters, and other matters related to financial innovation with officials from the CFPB and state partners,” the CFPB said.
The joint office hours will be held on Jan. 30, 2020 in Salt Lake City.
As CUToday.info reported earlier, the CFPB said ACFIN is designed to enhance coordination among federal and state regulators as it relates to innovation and further objectives such as consumer access, competition, and financial inclusion.
Additionally, ACFIN provides a platform for members to share information to facilitate coordination on innovation policies and programs. ACFIN members include attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, South Carolina, Tennessee, and Utah; and state financial regulators from Florida, Georgia, Missouri, and Tennessee. ACFIN membership remains open to any state and federal partners interested in joining.