Collector - March 2021 - 7

INDUSTRYNEWS
INDUSTRY NEWS

CFPB Taskforce Releases 100 Recommendations
for Consumer Financial Protection

T

he Consumer Financial Protection
Bureau Taskforce on Federal
Consumer Financial Law released
a two-part report in January with
recommendations for consumer protection
and regulatory certainty.
The report consists of approximately 100
recommendations to the bureau, Congress
and state and federal regulators, including
recommendations that reflect preventing
regulation by enforcement.
The five-member task force includes
representation from attorneys, former
regulators and academic leaders. Jean
Noonan, a partner at Hudson Cook in
Washington, D.C., which has an ACA
International member office in Maryland,
serves on the task force.
Chair of the task force, Todd J. Zywicki,
professor of law at George Mason University
(GMU) Antonin Scalia Law School, senior
fellow of the Cato Institute, and former
executive director of the GMU Law and
Economics Center, presented the themes
covered by the task force in the report:
*	 Inclusion and access in the financial
system and regulatory barriers that
might be obstacles to greater financial
inclusion;
*	 Financial harm, including minimizing
consumer harm and maximizing
consumer welfare, and;
*	 Modernizing the consumer financial
protection system.
The task force's recommendations, in
no particular order, according to the
CFPB, include:
*	 Authorize the bureau to issue licenses
to non-depository institutions that
provide lending, money transmission
and payments services;
*	 Expand access to the payment system
by unbanked and underbanked
consumers and ensure consistent
treatment by applying the same rules to
similar financial products;
*	 Identify competitive barriers and
make appropriate recommendations
to policymakers and regulators for

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expanding access to the payments
systems by non-bank providers;
Research and develop policies to
address problems of financial inclusion
in rural communities;
Facilitate creditor access to immigrants'
credit information prior to their arrival
in the United States in order to use that
information in credit decisions;
Research consumer reporting issues
that arise in connection with a
consumer's bankruptcy;
Consider the benefits and costs of
preempting state law where conflicts
can impede the provision of valuable
products and services, such as the
regulation of FinTech companies
engaged in money transmission;
Identify opportunities to coordinate
regulatory efforts. For example, the
bureau and prudential regulators
should eliminate overlapping
examination subject areas and
reconcile inconsistent examination
standards that unnecessarily
expend multiple resources and
can cause confusion;

*	 Continue to increase dialogue with state
regulators to bridge knowledge gaps
and streamline regulation;
*	 Work with other agencies to create
a unified regulatory regime for new
and innovative technologies providing
services similar to banks;
*	 Establish independent review of the
bureau's regulatory cost-benefit analyses
by staffing an office of cost-benefit analysis
at the Bureau and/or by submitting its
analyses to OIRA for review;
*	 Evaluate any positive or negative effect
on inclusion as part of the bureau's costbenefit analyses as appropriate;
*	 Exercise caution (a recommendation for
the bureau, Congress, and other federal
and state regulators) in restricting the
use of nonfinancial alternative data,
which can be very useful indicators
of creditworthiness.
*	 Clarify the obligations of CRAs and
furnishers with respect to disputes under
the Fair Credit Reporting Act; and
*	 Assess periodically the accuracy
and completeness of consumer
credit reports.

7


https://www.consumerfinance.gov/rules-policy/taskforce-federal-consumer-financial-law/ https://www.consumerfinance.gov/rules-policy/taskforce-federal-consumer-financial-law/

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