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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.
- June 21, 2018A federal district judge ruled Thursday that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution, countering a January ruling from a federal appeals court. Judge Loretta Preska of the Southern District of New York ruled that the CFPB’s creation as an independent agency with a director that could only be dismissed for wrongdoing was unconstitutional. In...
- June 20, 2018On Wednesday, June 20, 2018, CBA submitted comments to BCFP’s request for information on adopted regulations and new rulemaking authorities. In the letter, CBA focused on recommendations designed to promote consumer access to credit, encourage the use of digital channels and improve regulatory compliance. “We applaud the Bureau’s openness to receiving public input regarding the substance of the...June 20, 2018CBA Submits Comments on BCFP Adopted Regulations Washington, D.C. – The Consumer Bankers Association submitted comments to the Bureau of Consumer Financial Protection’s request for information on adopted regulations and new rulemaking authorities. In the letter, CBA focused on recommendations designed to promote consumer access to credit, encourage the use of digital channels and improve...June 19, 2018The Honorable Mick Mulvaney Acting Director Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 RE: Request for Information Regarding the Bureau’s Adopted Regulations and New Rulemaking Authorities, Docket No. CFPB-2018-0011 Dear Acting Director Mulvaney: The Consumer Bankers Association (“CBA") appreciates the opportunity to provide the Bureau of Consumer Financial...June 15, 2018CBA's JUNE BOARD OF DIRECTORS MEETING CBA Board Meets With Regulators – Nearly the entire CBA Board of Directors met this week at our World Headquarters in Washington, D.C., and our agenda the past couple days has been nothing short of a whirlwind. We kicked off the visit weaving in-and-out of Washington Capitals fans on the D.C. Metro as we headed to meetings with OCC Comptroller Joseph Otting,...June 13, 2018On Wednesday, June 13, 2018, the Bureau of Consumer Financial Protection announced a settlement with Security Group Inc . and its subsidiaries. In its Consent Order, the Bureau found alleged Security Group entities violated the Consumer Financial Protection Act by making improper in-person and telephonic collection attempts on consumer installment loans and retail sales installment contracts. The...June 8, 2018TESTIFYING ON CAPITOL HILL MY TESTIMONY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE SUBCOMMITTEE – I WAS ON CAPITOL HILL ON WEDNESDAY TO TESTIFY BEFORE THE HOUSE FINANCIAL INSTITUTIONS SUBCOMMITTEE ON WAYS TO DEPOLITICIZE AND BRING TRANSPARENCY TO THE BUREAU OF CONSUMER FINANCIAL PROTECTION. AS I MENTIONED BEFORE THE COMMITTEE, CBA AND OUR MEMBERS SUPPORT THE MISSION OF THE BUREAU. THERE ARE...June 8, 2018On Thursday, June 7, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s request for information on its rulemaking process. “CBA recommends the Bureau adopt a standardized rulemaking process that is based on the principles of openness, accessibility and accountability,” CBA Vice President and Senior Counsel Dong Hong wrote.June 8, 2018FIRST LOOK: THE SEESAW CFPB — From Consumer Bankers Assoc. CEO Richard Hunt’s prepared testimony at Wednesday’s House Financial Services Committee hearing on the CFPB: “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions. “It was also given unprecedented rulemaking, supervision, and...June 7, 2018Submitted Electronically: Regulations.gov The Honorable Mick Mulvaney Acting Director Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 RE: Request for Information Regarding Bureau Rulemaking Processes, Docket No. CFPB-2018-000 9 Dear Acting Director Mulvaney: The Consumer Bankers Association (“CBA”)1 appreciates the opportunity to provide the Bureau of Consumer...