CFPB Taskforce Offers Recommendations to Help Consumers, Fintech Firms

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In response to a new report from the CFPB Taskforce on Federal Consumer Financial Law, CEI Senior Fellow John Berlau praised recommendations aimed at helping consumers who lack access to banking services and clearing away red tape for fintech firms.

Statement by John Berlau:

“The Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law has issued a comprehensive, thoughtful report on Americans’ access to credit and financial services. The Taskforce members put forth many solid recommendations for financial regulatory agencies and Congress to advance financial inclusion and reduce the number of unbanked and underbanked consumers. Among these are repealing the Durbin Amendment debit card price controls that sharply reduced free checking for lower-income consumers and clearing away red tape preventing fintech firms from offering services across state lines. These nonpartisan ideas should be strongly considered by all interested in advancing the welfare of American consumers.”

Related analysis: CEI Board Member Todd Zywicki to Head CFPB Task Force on Consumer Financial Law