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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 26, 2018Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 Re: Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes, Docket No. CFPB-2018-0001 Dear Ms. Jackson, The Financial Services Roundtable,1 Consumer Bankers Association,2 and Consumer Mortgage Coalition3 (collectively, the...
- April 26, 2018On Thursday, April 26, 2018, the CFPB finalized its amendment to its “Know Before You Owe” mortgage disclosure rule. The amendment aims to address when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The Know Before You Owe mortgage disclosure rule took effect Oct. 3, 2015. The Bureau’s rule created new Loan...April 26, 2018Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, compared the agency’s public database of complaints to “a Yelp for financial services sponsored by the federal government.” Credit Tom Brenner/The New York Times Financial companies have worked to diminish the Consumer Financial Protection Bureau’s powers since the day the agency was created. Now, they’re on the brink of...April 25, 2018The concept of storytelling often is viewed through a somewhat whimsical lens. However, in the context of Home Mortgage Disclosure Act (HMDA) compliance, it is viewed through in a much more serious light. A panel of industry insiders discussed what takeaways could be extrapolated from HMDA data about a company’s lending practices and how lenders can utilize the data they collect to navigate the...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, 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 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 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...