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AFSA Statement on CFPB Taskforce Report

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AFSA Statement on CFPB Taskforce Report

Earlier today (January 5, 2020), the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace. You can access the volumes of the report here and here.

The American Financial Services Association is pleased that the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law has issued its report. The members of the taskforce have spent the bulk of their careers studying consumer finance and we encourage policymakers to closely review their important work in this report.

The prime focus of this Taskforce report is the effect of regulation on consumers and their access to credit. The last time such a comprehensive review was undertaken by the federal government was the 1970s. Clearly, much has changed – both for consumers as well as the diverse and evolving consumer credit industry – and our hope is that this report serves as a crucial resource for policymakers and our industry moving forward in shaping pro-consumer policies that expand consumer access to credit.

AFSA thanks Director Kraninger for initiating and supporting the work of the Taskforce, as well as the members of the Taskforce for their dedicated service. AFSA looks forward to both reviewing the report in detail and highlighting key elements that affect our member companies, as well as the millions of consumers they serve.

January 5th, 2021 by