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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 24, 2018The acting director of the Consumer Financial Protection Bureau (CFPB) on Tuesday said he might remove a database of complaints to the agency from public view. Acting CFPB chief Mick Mulvaney said the bureau’s public consumer complaint database contained information not vetted by the agency that could be used unfairly against banks and lenders. “I don’t see anything in here that says I have to...
- April 24, 2018WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Mick Mulvaney, in his capacity as the Acting Director of the Bureau of Consumer Financial Protection, indicated he would end the practice of publishing unverified complaints online: "We fully support the Bureau fulfilling its important, Congressionally-mandated mission. Compiling...
- April 20, 2018On Friday, April 20, 2018, the CFPB, in a coordinated action with the OCC, announced a settlement with Wells Fargo Bank , after the agencies found Wells Fargo violated the Consumer Financial Protection Act through the way the bank administered its insurance program related to auto loans. Under the terms of the consent orders, Wells Fargo must pay a $1 billion penalty, with $500 million going to...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, 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 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 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, 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 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...