Last week, insideARM wrote an article about the Consumer Financial Protection Bureau's (CFPB) newly-created taskforce to review consumer financial laws and regulations. The taskforce—originally with four members—has now grown by one with the CFPB's announcement that it has added William MacLeod, partner at Kelley Drye & Warren, LLP, to the team.
Director Kathleen Kraninger assigned the taskforce—chaired by Todd Zywicki—with reviewing current federal consumer finance laws and regulations. The taskforce will report recommendations for improving and strengthening the same to Director Kathleen Kraninger. Other members of the taskforce include Dr. J. Howard Beales, III, Dr. Thomas Durkin, and L. Jean Noonan.
The announcement of MacLeod's appointment came with further details about the taskforce's mission:
The Taskforce will produce new research and legal analysis of consumer financial laws in the United States, focusing specifically on harmonizing, modernizing, and updating federal consumer financial 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.
Considering the many consumer protection laws and regulations that don't always mesh well with each other, the taskforce's mission is an important one. insideARM will closely follow any developments.