- CBA on
- CBA Media
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 17, 2018Consumer advocates and business groups are battling anew over the possibility the Trump administration will eliminate a rule enacted to ensure that borrowers who take out high-interest loans between paychecks can pay them back. Clashing with support for a repeal by business groups, the policy arm of product tester Consumer Reports and other organizations say the so-called payday lending rule...
- January 17, 2018The Consumer Financial Protection Bureau will review its procedures for investigating financial firms as part of a top-to-bottom examination of agency functions ordered by acting Director Mick Mulvaney. The CFPB is seeking comment on its civil investigative demand (CID) procedures, which the financial services industry has criticized for being “unnecessarily burdensome” and not providing...
- January 16, 2018January 16, 2017 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member House Financial Services Committee House Financial Services Committee 2129 Rayburn House Office Building 2129 Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA) appreciates the...
- January 16, 2018In a statement on Tuesday, January 16, 2018, the CFPB said it intends to engage in a rulemaking process to reconsider the Small-Dollar Rule. Compliance with the rule by lenders is not mandatory until August 19, 2019, so the rulemaking would take place between now and then. As a technical matter, today was the official "effective date" of the final rule as published in the Federal Register; and...January 12, 2018Conner Meets with Comptroller Otting, Other Policymakers: Brad Conner of Citizens Bank, CBA’s Board Chairman, and the CBA Team met with newly installed Comptroller Joseph Otting over at the OCC. Coming out of the meeting, one thing is absolutely certain: He is committed to reforming the Community Reinvestment Act (more on this next). I could not agree more. Brad and the CBA Team also met with...January 10, 2018Late Wednesday, January 10, 2018, a federal court denied CFPB Deputy Director Leandra English's request for a preliminary injunction to block President Trump's appointment of Office of Management and Budget Director Mick Mulvaney as Acting CFPB Director. English, who was appointed Deputy Director just prior to former CFPB Director Richard Cordray's departure, has maintained the Dodd-Frank Act...January 3, 2018This report from KPMG LLP (KPMG) offers a high-level look at ten key regulatory challenges we believe will influence and impact the financial service industry in the coming year. The report also highlights the drivers behind these challenges and serves as a guide to actions financial services companies can take to address them. Click here to access the report: Ten Key Regulatory Challenges for...December 27, 2017On Wednesday, December 27, 2017, the CFPB released a biennial report on the state of the credit card market. The report states the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased steadily since the dip they took after the financial crisis of 2008. The report also found that cardholders average fewer credit cards...December 21, 2017On Thursday, December 21, 2017, the CFPB issued a public statement announcing the Bureau does not intend to require data resubmission unless data errors are material, or assess penalties with respect to errors for data collected in 2018 and reported in 2019 under HMDA. The Bureau also announced it intends to pen rulemaking process to reconsider various aspects of the 2015 HMDA rule. The Bureau...December 12, 2017December 12, 2017 The Honorable Barry Loudermilk The Honorable Josh Gottheimer U.S. House of Representatives U.S. House of Representatives 218 Cannon House Office Building 213 Cannon House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Representatives Loudermilk and Gottheimer: On behalf of the Consumer Bankers Association (CBA), I would like to express our support of H.R...