Insights

Consumer Financial Protection Bureau has issued a request for information (RFI) to assist the Taskforce on Federal Consumer Financial Law with recommendations on harmonizing, modernizing, and generally improving the consumer financial laws.

The Taskforce, on which I serve, is asking for input from the public on regulatory changes, clarifications, and other improvements that will enhance consumer financial protections. The Taskforce also welcomes recommendations for needed research and legislative changes. Areas of special concern are:

• Expanding access to consumer financial products and services;
• Protection and use of consumer data;
• Regulations the Bureau writes and enforces;
• Federal and state coordination; and
• Improving the market for consumer financial products and services.

The comment period will close 60 days after the date of its publication in the Federal Register, expected in early April. The deadline will be posted on the Bureau's website. The written comments received will be a vital part of public input to the Taskforce, which expects to deliver its findings to Director Kraninger in January 2021, when its 12-month charter concludes.

Read the RFI here.

L. Jean Noonan is a partner in the Washington, D.C., office of Hudson Cook, LLP. Jean can be reached by email at jnoonan@hudco.com.