RELEASE | AFSA Welcomes CFPB Taskforce Appointments
WASHINGTON, DC (January, 9 2020) – The Consumer Financial Protection Bureau today announced the makeup of its Taskforce on Federal Consumer Financial Law, which will examine the legal and regulatory environment facing consumers and financial-services providers. The taskforce will report to CFPB Director Kathleen Kraninger and provide new research and legal analysis of consumer financial laws in the United States and make recommendations on policies and proposals to improve and strengthen consumer financial laws and regulations. The following statement should be attributed to Bill Himpler, President & CEO of the American Financial Services Association:
“AFSA and its members are pleased that the Bureau is taking a data-driven, research-based approach to its rule making and supervision. The last serious and expansive effort to understand the consumer credit marketplace and how consumers access and use credit products was a Congressionally mandated commission on credit more than 50 years ago. The consumer credit industry is responsible for more than $1 trillion annually added to our economy, and our hope is that this taskforce will help shape pro-consumer policies that both protect and provide consumers with greater access to the credit products and services they need. We congratulate those who have committed to this public service, and we look forward to working with the taskforce in the months ahead.”
Based in Washington, D.C., the American Financial Services Association (AFSA), is the national trade association for consumer credit. For more than a century, AFSA has been committed to protecting access to credit and consumer choice. Its 450 members include traditional installment lenders, vehicle finance companies, consumer and commercial finance companies, mortgage lenders and servicers, payment card issuers, industrial banks, and industry suppliers. For more information, visit www.afsaonline.org.
January 9th, 2020 by Dan Bucherer