The CFPB recently announced that its Task Force on Federal Consumer Financial Law has released a report with approximately 100 recommendations to the Bureau, Congress, and state and federal regulators on how to improve consumer protection in the financial marketplace.
According to the CFPB’s press release, its Federal Consumer Financial Law Taskforce was chartered back in January of 2020 to study the existing legal and regulatory environment facing both consumers and financial service providers. In conducting its research, the Taskforce engaged with external stakeholders, industry leaders, the Bureau’s combined advisory boards, and regulators at both the state and federal level.
The Taskforce’s report discusses what it learned during its examination and these discussions with external stakeholders and uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory framework, including consumer protection, information and education, competition and innovation, regulatory modernization and flexibility, and inclusion and access.
The report is available in two volumes, which can be accessed here.
Consumer Financial Protection Bureau (CFPB) – consumerfinance.gov
The MReport – themreport.com
EVO™ Provides Worry-Free Compliance, Guaranteed
No matter what changes occur in the real estate appraisal industry, remaining compliant is always at the forefront of every business, as one mis-step can have catastrophic consequences. Global DMS’ EVO appraisal management software protects your business via our unique Compliance Guarantee Program, which covers all fines in the event a client is found out of compliance but is using the platform’s Best Practice Configuration that’s based on automation. This unique program effectively removes appraisal risk from the equation, while ensuring all EVO users comply with Dodd-Frank’s Section 1471, ECOA’s Regulation B, TILA’s Regulation Z, USPAP, and both the GSEs and FHA’s seller guides.