AFSA Provides Guidance to CFPB Taskforce
Earlier this year the Consumer Financial Protection Bureau (CFPB) convened a taskforce on federal consumer financial law. Its purpose: bringing together external experts to examine ways to harmonize and modernize federal consumer financial laws. This is a laudable goal and AFSA supports the creation of the taskforce.
This week AFSA provided recommendations to the taskforce, suggesting that it examine consumer demand for installment loans and how an “all-in” APR harms consumers. AFSA also advocated for modernizing certain consumer finance statutes and regulations and for increased federal and state coordination.
AFSA looks forward to reading the taskforce’s final report, which is expected in early 2021. This report will be the most comprehensive look at consumer credit since the National Commission on Consumer Finance issued its report in 1972.
June 4th, 2020 by Dan Bucherer