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Financial Services Law Insights and Observations

CFPB taskforce seeks input on consumer financial protection law improvements

Agency Rule-Making & Guidance CFPB Consumer Protection Consumer Finance

Agency Rule-Making & Guidance

On March 27, the CFPB’s Taskforce on Federal Consumer Financial Law issued a request for information (RFI) seeking input on consumer protection areas for the taskforce to focus its research and analysis, and requesting suggestions for “harmonizing, modernizing, and updating the federal consumer financial laws.” Specifically, the taskforce seeks information on “fair, transparent, and competitive” consumer financial service areas that are currently functioning well, as well as areas that may benefit from regulatory improvements to “facilitate competition and materially increase consumer welfare.” Areas of interest include: (i) automobile financing; (ii) consumer credit and reporting; (iii) debt collection and settlements; (iv) deposit accounts, electronic payments, money transfers, and prepaid cards; (v) mortgage origination and servicing; (vi) small-dollar lending; and (vii) student lending and servicing. Responses are due 60 days after the RFI is published in the Federal Register.

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