The Consumer Financial Protection Bureau says its task force will 'examine ways to harmonize and modernize federal consumer financial laws.'
When a government agency announces a task force to “modernize” laws, it’s not unreasonable to think they’re acting in the public’s interest — for instance, updating privacy laws to keep pace with technological advances.
That’s the law that created the CFPB after reckless financial practices ushered in the worst economic downturn since the Great Depression. The bureau says its Taskforce on Federal Consumer Financial Law “will examine the existing legal and regulatory environment facing consumers and financial services providers,” and will recommend “ways to improve and strengthen consumer financial laws and regulations.”
The commission’s report “led to significant legislative and regulatory developments in consumer finance,” the bureau says.to see what the commission actually came up with.The National Commission on Consumer Finance made clear that the laws of the day were insufficient to protect people from greedy financial firms.
I reached out to Ira M. Millstein, who served as chairman of the commission and is now a senior partner at the law firm Weil, Gotshal & Manges, focusing on government regulation and antitrust law.
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