In an effort to improve and strengthen consumer financial laws, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is seeking applications for members to its newly-created Taskforce on Federal Consumer Financial Law.
According to the announcement:
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 enumerated consumer credit 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 Bureau is looking to fill the taskforce with members who have significant experience and professional recognition in consumer protection, markets, laws, and regulations. Applications for the taskforce are due on October 25, 2019.
If any sector in the consumer financial space needs modernization and gap-filling, it’s debt collection. The CFPB recognized this in its many years of preparing the Notice of Proposed Rulemaking for debt collection. While the proposed rules provide a road towards using some modern modes of communication—such as email, text messages, and social media—there are still many other aspects of debt collection that can and should be modernized to de-mystify the process of debt collection for consumers. For this reason, insideARM encourages industry members who meet the qualification requirements to apply.