CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • December 5, 2017
    gave the bureau to insulate its work from interference. But the GOP could do little to stop the bureau while Cordray was in charge. Congress doesn’t control the CFPB’s funding, and former President Obama would have vetoed any major legislative changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the 2010 bill that created agency. All that has changed after Cordray’s exit. In...
  • December 4, 2017
    A "safer" payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole. Thanks to a recent regulatory change, it now may be possible for banks to offer small, short-term loans that could be a lot less dangerous for borrowers. Whether banks will actually do so remains to be seen. The right moves could...
  • December 3, 2017
    The Consumer Financial Protection Bureau is now the star of a bizarre legal and bureaucratic drama, a Rome-versus-Avignon power struggle unfolding a block from the White House. The resignation of the bureau’s director, Richard Cordray, has created a soap-opera succession battle tailor-made for the frenzied Washington news cycle, with two dueling officials claiming his job and furious partisans...
  • November 28, 2017
    Financial institutions are seizing on the fiasco at the Consumer Financial Protection Bureau to highlight their continuing push for Congress to transform the CFPB’s structure from being led by a single director to a five-member commission. But even though a commission structure could help prevent a repeat of the current leadership tussle, Congress is unlikely to act, according to congressional...
  • November 28, 2017
    The Consumer Financial Protection Bureau’s (CFPB) mission is far too vast and far too important for a single director to play both judge and jury for nearly every financial decision Americans make. The bureau has grown to 1,700 employees with an annual budget of more than a half billion dollars. And some believe its director has the authority to unilaterally name an acting successor without a...
  • November 28, 2017
    WASHINGTON – A federal judge on Tuesday refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, siding with the Trump administration in the legal fight over the leadership of the consumer watchdog. "Denying the president's authority to appoint Mr. Mulvaney raises significant constitutional questions," U.S. District Judge Timothy Kelly...
  • November 28, 2017
    WASHINGTON — Two people are now claiming to be the rightful leader of the Consumer Financial Protection Bureau. CFPB Director Richard Cordray's final act to appoint his own interim successor before stepping down — Leandra English, the agency's chief of staff — came hours before the Trump administration named Office of Management and Budget Director Mick Mulvaney as the temporary director. It is...
  • November 28, 2017
    Employees at the Consumer Financial Protection Bureau are privately questioning why outgoing director Richard Cordray abruptly tapped a 34-year-old chief of staff with no enforcement, supervisory or legal experience to head the embattled agency after he resigned. Many were caught off guard when Cordray handed the reins to Leandra English by naming her deputy director as he stepped down on Friday...
  • November 28, 2017
    WASHINGTON (AP) — The battle between two supposed directors of the Consumer Financial Protection Bureau is making for compelling optics but only seems to be delaying a tidal shift at the powerful consumer watchdog. Mick Mulvaney, President Trump’s budget director and now his choice as acting director of CFPB, made a conspicuous effort Monday to show he was firmly in control of the bureau. Meeting...
  • November 27, 2017
    "If the CFPB was structured as a bipartisan commission, as originally intended, we would not have the circus we are having today," CBA’s President & CEO Richard Hunt tells CNN’s Richard Quest. Tune in for more.

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