The Consumer Financial Protection Bureau (CFPB) on Friday announced it will establish a taskforce to examine the regulatory environment and recommend ways to improve federal consumer financial laws. The taskforce will work independently from the Bureau to conduct new research and legal analysis of consumer credit with a goal of addressing gaps, simplifying and modernizing consumer protection laws.

“We appreciate that the Consumer Financial Protection Bureau is taking steps to examine and improve regulatory landscape surrounding consumer finance,” said CUNA Chief Advocacy Officer Ryan Donovan. “We look forward to engaging with the Bureau’s new taskforce to ensure that credit unions can meet and uplift consumers’ financial interests.”  

The Bureau noted that the taskforces was partly inspired by a commission established by the Consumer Credit Protection Act of 1968 which established a national commission to conduct original research and provide Congress with regulation recommendations on consumer credit.

Director Kathleen Kraninger encouraged those who have individuals within the industry apply to be considered as part of the taskforce, which will be comprised of seven members. The Bureau said it will select members who have “demonstrated records of both senior public service and expertise in consumer finance.”