On January 5, 2021, the Consumer Financial Protection Bureau
(CFPB or Bureau) Taskforce on Federal Consumer Financial Law (Task
Force) released a report (Report) recommending changes designed to
contemporize and strengthen consumer financial protections,
encourage competition and innovation, and improve inclusion and
access. The Report is the product of months of study and public
outreach by the Task Force, which was charged with evaluating the
current legal and regulatory environment for both consumers and
financial services providers and providing recommendations for
improvement.
In October 2019, the CFPB established the Task Force of external
experts as an independent body within the CFPB that reported to
Director Kraninger. In April 2020, the CFPB published a request for
public comments to help identify areas for Task Force focus.
According to the Task Force's charter, the charter will
expire 90 days after completion of the Report, unless renewed. The
Report was
