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.
  • March 10, 2016
    Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday, March 16. It will be the first time the director of the Consumer Financial Protection Bureau (CFPB) will appear before the committee since Republican members issued two staff reports criticizing the bureau’s activities in the auto finance arena. The last time Cordray appeared...
  • March 10, 2016
    In the next week, Consumer Financial Protection Bureau Director Richard Cordray will make his annual spring appearance before the House Financial Services Committee. His most recent public comments might have provided a preview of what will dominate the discussions during that hearing. In remarks to the Consumer Bankers Association CBA Live conference in Phoenix, Cordray said that the bureau is...
  • March 10, 2016
    After spending part of this week in Phoenix at the annual conference hosted by the Consumer Bankers Association, Consumer Financial Protection Bureau director Richard Cordray will be back on Capitol Hill on Wednesday for his next appearance in front of the U.S. House Financial Services Committee. Since Cordray’s last appearance before the committee back in September, the committee has issued two...
  • March 10, 2016
    In a wide-ranging speech yesterday before the Consumer Bankers Association, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray forcefully defended his agency’s approach to consumer financial regulation and supervision against critics who call it “regulation by enforcement.” Saying that criticism of this practice (and even the term) is “badly misplaced,” he argued for the need to...
  • March 10, 2016
    Earlier this week CFPB Director Richard Cordray addressed the Consumer Bankers Association annual conference in Phoenix. In his prepared remarks he reminisced about the evolution of supervision and enforcement of the banking industry over the last four years. He also addressed criticisms head-on, including the complaint database, rulemaking through enforcement, and the repeated industry argument...
  • March 9, 2016
    Speaking before the Consumer Bankers Association annual conference, with Dodd Frank Update in attendance, Consumer Financial Protection Director Richard Cordray addressed criticism of regulation by enforcement. In prepared remarks, Cordray talked about the public enforcement actions that have been marked by orders specifying the facts and legal conclusions in the enforcement. “These orders...
  • March 9, 2016
    The Consumer Financial Protection Bureau is clamping down on student loan lenders and servicers that automatically default on loans when a co-signer declared bankruptcy or dies. The agency said this week in its latest supervision report that such defaults are an unfair practice. The majority of private student lenders have contracts that include so-called auto-default clauses, whereby a lender or...
  • March 9, 2016
    Richard Cordray was on the defensive again, this time insisting that the Consumer Financial Protection Bureau (CFPB) was not abusing its power through its enforcement efforts. In a speech before a meeting of the Consumer Bankers Association in Phoenix, Cordray insisted that the CFPB’s enforcement actions were “marked by orders, whether entered by our agency or by a court, which specify the facts...
  • March 8, 2016
    A top official at the Consumer Financial Protection Bureau on Tuesday said student loan companies are at risk of breaking the law if they place people in default when the co-signer of their loan dies or declares bankruptcy, signaling that the bureau may start legal action. These “auto defaults” leave borrowers with no choice but to repay the full balance or ruin their credit, making it difficult...
  • March 7, 2016
    There are many traps that await students seeking to finance their college education. One of the most common involves co-signers, usually the student's parents or grandparents. Since they're a generation or two ahead of the student, it's not uncommon for co-signers to die before the loan has been paid off. When that happens, many lenders automatically declare the loan to be in default, leaving the...

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