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Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.
- October 23, 2017The Consumer Financial Protection Bureau ’s arbitration rule is once again under fire – this time from the U.S. Department of the Treasury . This new rule would ban companies from using mandatory arbitration clauses, allowing consumers to participate in class-action lawsuits. However, it has been met with strong resistance from every front. The latest attack comes from a new report from the...
- October 20, 2017Cordray, Noreika Arbitration Spat Heats Up CFPB Director Richard Cordray and Acting OCC Comptroller Keith Noreika continue to publicly air their disagreements over the merits of the CFPB’s arbitration rule. Recently, both agency heads published dueling op-eds in The Hill challenging each other’s views of the rule. This week, the debate continued to escalate as both challenged the validity of the...
- October 18, 2017On Wednesday, October 18, 2017, the CFPB outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. These principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater...October 13, 2017House Committee Moves on Regulatory Reform, SIFI Designation Bill During a markup session this week, the House Financial Services Committee moved a host of regulatory reforms, including Congressman Blaine Luetkemeyer’s SIFI designation bill. As CBA noted in its letter to the committee, designating risk strictly based on the size of a financial institution does not make sense and it harms...October 11, 2017CBA President and CEO Richard Hunt ahead of Wednesday’s mark-up: “Designating risk based on how big a financial institution is does not make sense and it hurts consumers. Allowing regulators to take a big-picture view of risk by looking at the activities a financial institution undertakes instead of a simple assets threshold is more telling and can reduce unnecessary compliance burdens that limit...October 6, 2017On Wednesday, October 4, 2017, the CFPB released an interim final rule amending the Mortgage Servicing Rule, which allows for more flexibility around the timing of early intervention notices sent to borrowers who have invoked their cease communication rights under the FDCPA. Under the 2016 Mortgage Servicing Final Rule, a servicer subject to the FDCPA with respect to a borrower’s loan must...October 5, 2017WASHINGTON (Reuters) - Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders’ ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country’s consumer financial watchdog. The Consumer Financial Protection Bureau (CFPB) released a regulation on Thursday requiring lenders to...October 5, 2017On Thursday, October 5, 2017, the CFPB is releasing its long-awaited small dollar lending rule . According to the CFPB, the rule aims to stop debt traps and apply to loans that require consumers to repay all or most of the debt at once. Under the new rule, lenders must conduct a "full-payment test" to determine upfront that borrowers can afford to repay their loans without re-borrowing. (The OCC...October 5, 2017The Consumer Financial Protection Bureau will require payday lenders to verify income and take other steps to protect borrowers, issuing a long-awaited rule that has become tangled in a tug of war over Director Richard Cordray’s future. The rule limits how often a lender can attempt to debit a borrower's account, a practice that can rack up bank fees. It also curbs lenders’ ability to advance...October 5, 2017The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing expensive credit to cash-strapped borrowers do business. The Consumer Financial Protection Bureau regulations require that payday lenders determine upfront whether customers...