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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.
- April 21, 2017Lifelong Democrat and Former Fed Chair Breaks Party Ranks on CFPB Holy smokes, lifelong Democrat and former Federal Reserve Chair Paul Volcker disagrees with Senate Democrats’ approach to CFPB reform. Speaking at the annual Bretton Woods Committee meeting, Volcker said it is “perfectly reasonable” to question the CFPB’s governing structure. Taking this a step further, he argued a bipartisan...
- April 21, 2017As reforming the Dodd-Frank Act takes center stage in Washington, it is important for federal lawmakers to hunker down and get this one right. Consumers and bankers alike stand to benefit from reform, but balance is key. When it comes to financial policy, a balanced approach to reform is essential to a healthy banking sector, and preserving consumer choice and access to credit. These days...
- April 20, 2017On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include: The...April 20, 2017On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...April 17, 2017On Tuesday, April 17, 2017, the CFPB filed a lawsuit in a federal district court against debt collection firm Weltman, Weinberg & Reis. The Bureau claims the firm sent collection letters to consumers suggesting attorneys were involved in collecting the debt. The law firm allegedly made statements on collection calls and sent collection letters creating the false impression that attorneys had...April 14, 2017On Friday, April 14, 2017, the CFPB released its fair lending report for 2016, focusing on the Bureau’s work to protect consumers and better understand issues facing lenders. To this end, the Bureau reports it engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into it work; protected...April 13, 2017On Thursday, April 13, 2017, the CFPB issued its proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed aim to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. The proposal contains a number of clarifications,...April 13, 2017April 13, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...April 3, 2017On Monday, April 3, 2017, the CFPB released its “Consumer Response Annual Report”, providing an overview of complaints the Bureau received in 2016. The Bureau says it has handled approximately 1,136,000 complaints since it began accepting submissions in 2011. Takeaways from this year’s report include: The Bureau handled 291,400 consumer complaints in 2016, a seven percent increase compared to...March 30, 2017CBA LIVE: Where [ it ] Begins Kicks Off in Dallas on Monday With bags, boots, and tickets in hand, we are rolling out to Dallas. Next stop, CBA LIVE. With record-breaking attendance, some members of the CBA Team are already on the ground preparing for the arrival of over 1,400 retail banking leaders. Can’t wait to take part in the action? Neither can we. Here is a preview of what to expect at...