CFPB

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 25, 2017
    WEST PALM BEACH, Fla./WASHINGTON (Reuters) - President Donald Trump has the power he needs to put his top budget aide in charge of the Consumer Financial Protection Bureau (CFPB), federal officials said on Saturday, weighing in on a battle for control over the powerful agency. The leadership of the independent regulatory agency was thrown into question on Friday when its outgoing director Richard...
  • November 25, 2017
    Consumer Bankers Association President and CEO Richard Hunt released the following statement after Richard Cordray resigned as Director of the Consumer Financial Protection Bureau (CFPB) with no clear succession plan for CFPB leadership in place: "The CFPB's current governing structure is a dictatorship, period. It is not a sensible nor sustainable approach to leadership. Conflicting attempts to...
  • November 25, 2017
    WASHINGTON—A standoff between the Trump administration and Obama-era officials over who gets to temporarily run the Consumer Financial Protection Bureau intensified Saturday, with President Donald Trump saying on Twitter that the agency was “a total disaster as run by the previous Administrations pick.” Mr. Trump and the CFPB each named a person to serve as temporary director starting Monday. The...
  • November 25, 2017
    The White House said President Donald Trump has the authority to put budget director Mick Mulvaney at the helm of the Consumer Financial Protection Bureau, setting the stage for what could be a protracted legal battle. A senior administration official said the decision to appoint Mulvaney was informed by communication with the Justice Department's Office of Legal Counsel, which will issue a...
  • November 24, 2017
    November 24, 2017 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 Re: Disclosure of Loan-Level HMDA Data; Docket No. CFPB-2017-0025 Dear Ms. Jackson, We appreciate the opportunity to provide comments on the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed policy guidance, Disclosure of Loan-Level HMDA...
  • November 24, 2017
    A high-stakes legal clash is unfolding over President Donald Trump’s temporary pick to run Elizabeth Warren’s favorite bank regulator, and the White House is holding its ground. Trump on Friday said he’s naming White House budget director Mick Mulvaney to be the temporary head of the Consumer Financial Protection Bureau. The announcement came hours after outgoing CFPB Director Richard Cordray...
  • November 24, 2017
    WASHINGTON - Two people are now claiming to be the rightful leader of the Consumer Financial Protection Bureau. CFPB Director Richard Cordray's final act to appoint his own interim successor before stepping down - Leandra English, the agency's chief of staff - came hours before the Trump administration named Office of Management and Budget Director Mick Mulvaney as the temporary director. It is...
  • November 22, 2017
    Happy 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, 2017
    On 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, 2017
    On 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...

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