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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.
- January 26, 2018THE NEW CFPB Must Read Article of The Year – Prince Harry, who? Acting CFPB Director Mick Mulvaney’s recent op-ed in the Wall Street Journal puts all this hubbub surrounding the royal wedding to shame. This is easily the must-read article of 2018, no question about it. While I would encourage you to read the full article , here are a few quick takeaways which show a complete shift in attitude at...
- January 25, 2018WASHINGTON, D.C . – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Consumer Financial Protection Bureau (CFPB) announced that it has finalized amendments to its 2016 prepaid rule: “Prepaid cards are an important tool for consumers seeking convenient, low-cost financial products to access their funds. The CFPB’s revisions, many of which were...
- January 23, 2018 - 2:00PMPastJanuary 19, 2018Message From CBA Board Chairman Brad Conner & Me — CBA's Board Chairman Brad Conner of Citizens Bank and I stepped into the studio to record a short video thanking our membership and sharing our goals for 2018 (CFPB Commission, balanced regulation, next generation banking and right-sizing government's role in student lending), recent successes and CBA happenings. Be sure to watch the short...January 18, 2018Payday lenders may have just been cut some major slack . The Consumer Financial Protection Bureau, under new leadership, is now reconsidering an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers. The rule — implemented under former CFPB director Richard Cordray in November 2017 — set stricter conditions for short-term loan companies, requiring them to assess the...January 18, 2018While a consumer advocate in a note to SubPrime Auto Finance News called the action “an insane development,” industry representatives cheered the request by the acting director of the Consumer Financial Protection Bureau for evidence of the regulator’s effectiveness. On Wednesday, the bureau announced that it is issuing a call for evidence to ensure the CFPB is fulfilling its "proper and...January 18, 2018The Consumer Financial Protection Bureau’s acting director, Mick Mulvaney, intensified his efforts this week to curb an agency he has denounced as a regulator run amok. His latest tactic: starve it of cash. The consumer bureau is funded directly by the Federal Reserve and sends the central bank a request each quarter for money for its operations. On Wednesday, Mr. Mulvaney sent a letter...January 17, 2018The new leaders of the Consumer Financial Protection Bureau (CFPB) are taking the most significant step yet toward unwinding rules panned by the finance industry and the GOP. The CFPB announced this week that it would delay compliance with new regulatory rules for short-term, high-interest loans, commonly known as payday loans. The agency said it is considering how to roll back those rules. The...January 17, 2018It’s clearly a whole new world at the Consumer Financial Protection Bureau with Mick Mulvaney in charge. Mulvaney, who is currently serving as acting director of the CFPB until either President Donald Trump names a permanent replacement for former Director Richard Cordray or a federal court tells him otherwise, is already making changes at the CFPB. How many more changes Mulvaney will bring to...January 17, 2018WASHINGTON, D.C . – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Consumer Financial Protection Bureau (CFPB) announced a request for feedback on its operations: “Many actions conducted previously by the CFPB certainly warrant a thorough review. A balanced approach to regulation is essential to a healthy banking sector, and preserving...