CFPB Taskforce Report on Consumer Financial Law, inc 100 pages of recommendations, just dropped:

Volume 1 - 798 pages:

https://files.consumerfinance.gov/f/documents/cfpb_taskforce-federal-consumer-financial-law_report-volume-1_2021-01.pdf

Volume 2 - Recommendations:

https://files.consumerfinance.gov/f/documents/cfpb_taskforce-federal-consumer-financial-law_report-volume-2_2021-01.pdf

#fintech #finserv #cfpb

Some recommendations in the report include:

-authorizing CFPB to issue nat'l licenses to non-depository institutions that provide lending, money transmission & payments

-expand access to payment systems for un- and underbanked consumers

-identify competitive barriers & make recs to policy makers (Congress) on expanding access to payments systems by non-banks

-develop policies tailored to supporting formerly incarcerated people

-research & dev policies to support financial inclusion in rural communities

-facilitate access to immigrants' credit information prior to arrival in the US to facilitate credit decisions

-consider cost/benefits of state preemptions - esp money transmission (MSBs) & fintechs

-ID how to coordinate regulatory efforts across agencies

-clarify obligations of CRAs & furnishers with respect to disputes under FCRA

Source & more detail: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureaus-taskforce-on-federal-consumer-financial-law-releases-its-report/