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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.
- November 22, 2017Happy Thanksgiving From CBA From the entire CBA Team to you and your family, have a wonderful Thanksgiving. This year, we are thankful for our membership, which works night and day to deliver needed financials services to millions of consumers and small business across the country. A Post Cordray CFPB: Who Will Head the CFPB Next? By the end of November, CFPB Director Richard Cordray is expected...
- November 21, 2017On Tuesday, November 21, 2017, the CFPB announced action against Citibank, N.A. for alleged student loan servicing issues. According to its press release, the Bureau claims Citibank misled borrowers into believing they were not eligible for a tax deductions on interest paid on certain student loans, incorrectly charged late fees and added interest to the student loan balances of borrowers who...November 20, 2017On Monday, November 20, 2017, the CFPB took action against Conduent Business Services, formerly Xerox Business Services, LLC. The Bureau claims company software errors allegedly led to the reporting of incorrect consumer information about more than one million borrowers. The CFPB also claims the company failed to notify its auto lending clients about known software flaws which caused the...November 17, 2017The need for agility and alignment between compliance, operation and strategy, along with continued refinement of regulatory requirements and expectations, reinforce the need for organizations to continuously improve their compliance activities. By identifying and responding to shifts and trends in compliance early, compliance, business, risk, legal, technology, and internal audit partners can...November 17, 2017Cordray Era Comes to An End, Mulvaney Expected to Take Over After months of rumors, CFPB Director Richard Cordray on Wednesday announced he will step down as head of the agency. As many of you are aware, I had my share of “conversations” with Director Cordray over the years. We have had our disagreements, especially when it came to the Bureau’s use of its Yelp-like complaint portal and its...November 17, 2017Republicans are ready for President Trump to bring change to the Consumer Financial Protection Bureau (CFPB) now that Richard Cordray is resigning as director. The CFPB has become a powerful watchdog agency, making moves reshape the lending industry and crack down on financial fraud. But Republican lawmakers have chafed at the CFPB’s actions, calling them heavy handed and damaging to consumer...November 15, 2017The director of the Consumer Financial Protection Bureau (CFPB) announced his resignation Wednesday, giving President Trump the chance to reshape an agency that has long been the target of Republican ire. Richard Cordray expects “to step down from his position here before the end of the month,” he wrote in an email that was sent to CFPB staff. "As I have said many times, but feel just as much...November 15, 2017WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray sent an email to staff Wednesday announcing that he is leaving the bureau. Cordray has long been rumored to be planning to run for governor in Ohio, but in the email he did not say what he plans to do after his departure “I wanted to share with each of you directly what I have told the senior leadership in the past few...November 15, 2017Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning. He served as the inaugural director for the regulatory agency, which was formed in the wake of the financial crisis. He reiterated the work the CFPB has done so far to recover $12 billion in relief for nearly 30 million consumers...November 15, 2017Washington, D.C. – Consumer Bankers Association (CBA) President and CEO Richard Hunt said policymakers should use Consumer Financial Protection Bureau Director Richard Cordray’s announcement to step down as an opportunity to restructure the Bureau with a Commission, similar to almost every other regulatory body in the country. “I thoroughly appreciate Director Cordray’s willingness to serve as...