CBA in the News

Press Contact

Jacqueline Ortiz Ramsay
jramsay@consumerbankers.com
202-552-6371
  • June 27, 2017
    For U.S. financial institutions, a searchable government database that holds 1.2 million consumer complaints has mostly been a source of irritation. Banks and other lenders say they can be unfairly maligned by consumers whose grievances that have not been vetted for accuracy . Industry groups also chafe at how the Consumer Financial Protection Bureau cites numbers from the database without some...
  • June 22, 2017
    Traditional business models heavy with brick-and-mortar strategies have suffered a blow as customers continue to shift their spending habits towards online stores. This change in behavior, however, comes as no surprise as giants like Amazon have experienced a steady rise in web traffic for years. While some retailers (i.e., Sears and Radio Shack) have been hurt by developments in the e-commerce...
  • June 22, 2017
    A coalition of financial and business groups called on lawmakers to replace the Consumer Financial Protection Bureau's single director with a five-person, bipartisan commission. The endorsement, presented today in a letter to House and Senate appropriators, represents the view of 22 trade groups representing thousands of large and small businesses, banks, tech companies and real estate groups...
  • June 22, 2017
    Today, CFPB is headed by a single director, Obama appointee Richard Cordray. Banks regulated by the bureau have chafed at Cordray's power to supervise them and write rules unilaterally. (Graeme Jennings/Washington Examiner) Banking groups are pushing for a major change to the leadership of the Consumer Financial Protection Bureau, and want it attached to must-pass government funding legislation...
  • June 20, 2017
    A powerful lobby group for US banks is circling the wagons against SoFi, the biggest of a new breed of online lenders, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The FDIC revealed last week that San Francisco-based SoFi had applied to the state of Utah for a special banking charter known as an industrial loan company (ILC). If successful,...
  • June 20, 2017
    The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known...
  • June 20, 2017
    A group of banks joined together against SoFi , one of the largest online lenders, urging the Federal Deposit Insurance Corp . to reject its application to launch a banking unit. Recently, SoFi took a major step toward becoming a bank, filing an application for a special banking charter known as an industrial loan company (ILC). However, Chris Cole, senior regulatory counsel at the Independent...
  • June 14, 2017
    Newly announced Trump administration plans to weaken or eliminate many financial-industry regulations enacted after the 2008 financial crisis mark the opening shot in what consumer groups predict will be a long Washington siege. On Tuesday, the day after the Department of the Treasury issued the most detailed blueprint yet of proposed changes to the Dodd-Frank Wall Street Reform and Consumer...
  • June 13, 2017
    Coming on the heels of the U.S. House of Representatives passing H.R. 10, the Financial CHOICE Act , in an effort to modify the Consumer Financial Protection Bureau among other objectives, the U.S. Department of the Treasury late on Monday issued its first in a series of reports to President Trump examining the U.S. financial regulatory system and detailing executive actions and regulatory...
  • June 13, 2017
    Deregulation is on the horizon according to the U.S. Department of the Treasury’s Monday report . The report is the first in a series to President Trump examining the U.S. financial regulatory system and reviewing ways to immediately provide relief, however some feel relief is the last thing the modifications will do. Treasury Secretary Steven Mnuchin and other officials have been listening to...

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