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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 20, 2018DC DOWNLOAD CBA-Backed Effort to Overturn CFPB's 2013 Auto Bulletin Passes U.S. Senate – CBA member banks are strongly committed to ensuring fair lending policies and practices are upheld while fulfilling consumers’ financial needs. The CFPB’s 2013 Auto Bulletin was a backdoor attempt at rulemaking without notice or comment and lacked the clarity needed by lenders, which is why CBA supported the...
- April 18, 2018On Wednesday, April 18, 2018, the CFPB released their independent audit, facilitated by KPMG LLP, which covers the period from July 18, 2017 to February 28, 2018. KPMG evaluated the CFPB’s budget process relative to its priorities and procedures established over budget formulation, execution, and monitoring; monitoring and oversight of the interagency agreement with the Bureau of Fiscal Service;...April 13, 2018COMMISSION DRIVES CFPB CONVERSATION Mulvaney Backs CFPB Commission – In his first appearance before Congress, Acting CFPB Director Mick Mulvaney supported a CBA-backed plan to establish a commission at the CFPB . This is in addition to vocal support from both Republican and Democrat Members of Congress. Hearing Tidbits – Here are a few key takeaways from Acting Director Muvlaney’s Testimonies:...April 13, 2018We have all been there: an inopportune flat tire, a refrigerator on the fritz or a hefty medical cost arising out of the blue. These are just a few examples of unplanned, often-untimely emergency expenses that every family experiences at one point or another. Compounding these challenges, nearly half of American families do not have the necessary savings on hand to cover a $400 emergency expense...April 11, 2018Mick Mulvaney, a longtime CFPB critic who has taken steps to overhaul the bureau since assuming his post in November, said moving to a bipartisan commission from a single director would prevent “wild swings” in rules and policies that accompany changes in administrations. “We need to have a more down-the-middle approach,” Mr. Mulvaney said while giving a semiannual report on the CFPB before the...April 9, 2018WASHINGTON – The Consumer Bankers Association (CBA) submitted comments to the House Financial Services Committee and the Senate Banking Committee in advance of hearings on the semi-annual report from Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney. “CBA supports Acting Director Mick Mulvaney’s goal of bringing greater accountability to the agency. It is crucial that...April 9, 2018The Honorable Dennis Ross 436 Cannon House Office Building Washington, DC 20515 The Honorable Kyrsten Sinema 1725 Longworth House Office Building Washington, DC 20515 The Honorable David Scott 225 Cannon House Office Building Washington, DC 20515 The Honorable Ann Wagner 435 Cannon House Office Building Washington, DC 20515 Dear Representatives Ross, Sinema, Scott, and Wagner: The undersigned...April 6, 2018April 6, 2018 The Honorable Mike Crapo The Honorable Sherrod Brown Chairman Ranking Member Committee on Banking, Housing Committee on Banking, Housing & Urban Affairs & Urban Affairs U.S. Senate U.S. Senate 534 Dirksen Office Building 534 Dirksen Office Building Washington, D.C. 20510 Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (...April 6, 2018CFPB UPDATE Acting CFPB Director Mulvaney Seeks Changes to Agency – In the CFPB’s semi-annual report released on Monday, Acting CFPB Director Mick Mulvaney called on Congress to establish “meaningful accountability” at the CFPB by enacting four key changes: Fund the Bureau through Congressional appropriations. [CBA Note: Currently, under Dodd-Frank, the CFPB receives its funding directly from the...April 6, 2018April 6, 2018 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member Committee on Financial Services Committee on Financial Services U.S. House of Representatives U.S. House of Representatives 2129 Rayburn House Office Building 4340 O’Neill House Office Building Washington, D.C. 20515 Washington, D.C. 20151 Dear Chairman Hensarling and Ranking Member Waters: The Consumer...