Webinar Recording: Deeper Dive into the CFPB Taskforce Report Recommendations and Q&A Session

On January 5, 2021, the Consumer Financial Protection Bureau (CFPB) Taskforce on Federal Consumer Financial Law (Taskforce) issued a nearly 900-page final report (Report) making extensive recommendations for legislative and regulatory reform, enactment, and adoption of new initiatives in the financial marketplace. In proposing changes to the existing legal and regulatory framework, the Report is centered around five key principles: (1) consumer protection; (2) information and education; (3) competition and innovation; (4) regulatory modernization and flexibility; and (5) inclusion and access.

In the second installment of the Consumer Financial Services Litigation Webinar Series, Seyfarth attorneys offered predictions on what financial services companies might expect from the CFPB in the months ahead as a result of the Taskforce Report. Specifically, Seyfarth attorneys provided a deeper dive into the following:

• The Background of the Taskforce, its Report and prior studies that provided the starting point and reasons for the current consumer financial services regulatory review.
• Status of a recent legal challenge to the Taskforce and its Report pending in the Massachusetts federal court.
• Key recommendations, including: 
  • Focusing enforcement decisions on the “lodestar” of consumer harm;
  • Providing public transparency as to how enforcement decisions are made;
  • Rethinking Regulation Z’s required disclosures to better inform consumers;
  • Increasing access to credit for more consumers;
  • Providing the CFPB flexibility to determine that compliance with particular federal and state regulations during times of emergency would be impracticable.
• Predictions for the scope of reliance and magnitude of the Taskforce Report given the change to the Biden-Harris Administration and nomination of a new CFPB Director.

Consumer Financial Services Webinar Series

Given the magnitude of the potential changes ahead, Seyfarth has developed a webinar series designed to convey strategies and best practices to help you to ensure that your company and internal clients are prepared for what is ahead. To stay abreast of these changes, please subscribe to our mailing to list.

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Speakers

J. Patrick Kennedy, Senior Counsel, Seyfarth Shaw LLP
James R. Billings-Kang, Associate,  Seyfarth Shaw LLP
Michael E. Jusczyk, Associate, Seyfarth Shaw LLP

If you have any questions, please contact Kelli Pacha at kpacha@seyfarth.com and reference this event.

* This recording is eligible for CLE credit in CA, IL, NY, and NJ. Credit is pending in TX. All other jurisdictions will be applied for as requested, but please note that not all states allow for distance learning so some states will be ineligible. To request CLE credit, fill out this form and return it to CLE@seyfarth.com. If you have questions about jurisdictions, please email CLE@seyfarth.com. CLE credit for this recording expires on 3/25/2022.