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.
  • February 2, 2018
    Hot Out of the CFPB Court Overrules CFPB Overreach – Picture this: You receive a traffic ticket and all of a sudden, a clerk in the courthouse decides to increase your fine by 1,500 percent. Well, that is what the CFPB did when it amplified a penalty levied against mortgage lender PHH Corp. by nearly $100 million. Thankfully, the U.S. Court of Appeals decided to repeal the amplified penalty on...
  • January 31, 2018
    A federal appeals court handed a major victory — and a significant defeat — to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions. The results were similarly mixed for other key players. On the one hand, the ruling, which says the president can only fire...
  • January 31, 2018
    “While the Court ruled the CFPB’s governing structure was not unconstitutional, it does not mean the current structure is appropriate for the Bureau’s long-term credibility. … to uphold the Bureau’s mission of consumer protection” Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the U.S. Court of Appeal’s...
  • January 31, 2018
    A federal appeals court ruled Wednesday the Consumer Financial Protection Bureau's single-director structure is constitutional, reversing an earlier federal decision that the Obama-era agency fell afoul of the separation of powers. The full D.C. Circuit Court of Appeals ruled seven to three that the current structure of the agency, which allows for a single director who cannot be removed by the...
  • January 31, 2018
    Language in the Dodd-Frank Act that gives the Consumer Financial Protection Bureau’s (CFPB) independence from Congress is constitutional, the U.S. Court of Appeals for the District of Columbia Circuit ruled Wednesday, overturning a 2016 ruling by three of the court's judges. In a review of the court’s previous decision, PHH v. CFPB, the full court held that the bureau can exist as an independent...
  • January 26, 2018
    THE NEW CFPB Must Read Article of The Year – Prince Harry, who? Acting CFPB Director Mick Mulvaney’s recent op-ed in the Wall Street Journal puts all this hubbub surrounding the royal wedding to shame. This is easily the must-read article of 2018, no question about it. While I would encourage you to read the full article , here are a few quick takeaways which show a complete shift in attitude at...
  • January 25, 2018
    WASHINGTON, D.C . – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Consumer Financial Protection Bureau (CFPB) announced that it has finalized amendments to its 2016 prepaid rule: “Prepaid cards are an important tool for consumers seeking convenient, low-cost financial products to access their funds. The CFPB’s revisions, many of which were...
  • January 19, 2018
    Message From CBA Board Chairman Brad Conner & Me — CBA's Board Chairman Brad Conner of Citizens Bank and I stepped into the studio to record a short video thanking our membership and sharing our goals for 2018 (CFPB Commission, balanced regulation, next generation banking and right-sizing government's role in student lending), recent successes and CBA happenings. Be sure to watch the short...
  • January 18, 2018
    The Consumer Financial Protection Bureau’s acting director, Mick Mulvaney, intensified his efforts this week to curb an agency he has denounced as a regulator run amok. His latest tactic: starve it of cash. The consumer bureau is funded directly by the Federal Reserve and sends the central bank a request each quarter for money for its operations. On Wednesday, Mr. Mulvaney sent a letter...

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