Hudson Cook, which specializes in consumer finance law, maintains a national practice that covers a broad swath of the automobile business. The firm advises several hundred dealers on advertising, fair lending, credit reporting, and consumer and commercial personal property finance and leasing.
Major auto lenders and finance experts believe the task force signals a positive change in the bureau — a willingness to learn and understand rather than lead with enforcement.
Bill Himpler, CEO of the American Financial Services Association, said the CFPB's formation and makeup of the task force signals an interest in adopting a data-driven, research-based approach to rule-making and supervision.
"The last serious and expansive effort to understand the consumer credit marketplace and how consumers access and use credit products was a Congressionally mandated commission on credit more than 50 years ago," Himpler said in a statement. "Our hope is that this task force will help shape pro-consumer policies that both protect and provide consumers with greater access to the credit products and services they need."
As a member of the Taskforce on Federal Consumer Financial Law, Noonan will serve alongside J. Howard Beales III, a former professor at George Washington University who previously worked as director of the Bureau of Consumer Protection at the Federal Trade Commission; Thomas Durkin, a retired Federal Reserve Board economist; and Todd Zywicki, a law professor at George Mason University and a senior fellow of the Cato Institute.
"Jean's experience in the consumer financial services industry, both as a regulator and a private practitioner, gives her unique insight into the existing federal regulatory landscape and an informed perspective on its benefits and pitfalls," Hudson Cook Chairman Michael Benoit said in a statement.
In addition to being a partner at Hudson Cook, Noonan served as general counsel at the Farm Credit Administration and worked as the associate director of the Bureau of Consumer Protection's Credit Practice at the FTC.