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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.
- May 7, 2018On Monday, May 7, 2018, CBA and the Financial Services Roundtable (FSR) filed comments on the RFI regarding the Bureau Rules of Practice for Adjudication Proceedings. The associations stressed the importance of expeditious resolution and urged the Bureau to look to the Federal Rules of Civil Procedure (FRCP) and the Federal Rules of Evidence (FRE) as benchmarks for specific timelines, breadth of...May 4, 2018D.C. MEMORIAL DAY SHOT CLOCK What’s on the D.C. Docket ahead of Memorial Day? – Here is your cheat sheet to guide you through the month: Monday RFI Deadline –The BCFP RFI process continues with comments on administrative adjudications (May 7), enforcement processes (May 14), supervision processes (May 21) and external engagements (May 28) due this month. CBA will be submitting comment on these...April 27, 2018Washington – The Consumer Bankers Association (CBA) and Financial Services Roundtable (FSR) sent a joint letter calling for the Bureau of Consumer Financial Protection (BCFP) to reform its civil investigative demand (CID) processes to create a fairer and less burdensome process. “At times, the Bureau has wielded its considerable investigation powers without first considering alternative and more...April 27, 2018REGULATORY ROUNDUP Mulvaney Plans to Drop Public Complaints Portal – CBA has long advocated for unverified contents of the complaint portal to no longer be made public and this week the Bureau of Consumer Financial Protection’s Acting Director Mick Mulvaney acted on this request. While we fully support the Bureau fulfilling its important, Congressionally-mandated mission of compiling complaints,...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 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 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...