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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.
- March 29, 2013CFPB Field Hearing and Expansion of Consumer Complaint Database As referenced in Rapid Fire, on Thursday, March 28, 2013, the CFPB held a field hearing in Des Moines, Iowa, on its consumer complaint database. Prior to the hearing, the Bureau announced a significant expansion of its database from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank...
- March 29, 2013March 29, 2013CFPB's "Not Verified" Data The CFPB today released their expanded consumer complaint database showing more than 90,000 complaints - with half coming from affluent and elderly zip codes. While I applaud the intent of the CFPB to inform consumers on specific types of complaints, their methodology is flawed and actually performs a disservice to consumers. The CFPB in their own press release states...March 28, 2013Washington, D.C. (March 26, 2013) – CBA supports the CFPB’s efforts to educate consumers to make financial decisions. Unfortunately, today the CFPB took a serious step in the wrong direction by releasing tens of thousands of “not verified” complaints and encouraging the public to do its own homework. This approach is unnecessary, misleading and ultimately harmful to consumers. A better service to...