On 1/14/2022, the CFPB announced that it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law, a taskforce chartered by CFPB, did not comply with the Federal Advisory Committee Act (FACA). FACA is a "sunshine" law that seeks to ensure adequate transparency into agency advisory committees.

It can be recalled that in October 2019, the CFPB chartered the Taskforce to provide recommendations to improve consumer financial laws and regulations. The project was completed on January 5, 2021 where the Taskforce released its report and recommendations.

According to the CFPB’s release, the CFPB entered into an agreement with the plaintiffs to release all Taskforce records through its website by March 22, 2022. In addition, the CFPB amended the Taskforce report to state that CFPB failed to comply with FACA and that the report should not be regarded as a "product of a FACA-compliant federal advisory committee."

The full CFPB release can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

Website

Become a Free Member