CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • January 18, 2018
    While a consumer advocate in a note to SubPrime Auto Finance News called the action “an insane development,” industry representatives cheered the request by the acting director of the Consumer Financial Protection Bureau for evidence of the regulator’s effectiveness. On Wednesday, the bureau announced that it is issuing a call for evidence to ensure the CFPB is fulfilling its "proper and...
  • 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...
  • January 18, 2018
    Payday lenders may have just been cut some major slack . The Consumer Financial Protection Bureau, under new leadership, is now reconsidering an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers. The rule — implemented under former CFPB director Richard Cordray in November 2017 — set stricter conditions for short-term loan companies, requiring them to assess the...
  • January 17, 2018
    The Consumer Financial Protection Bureau will review its procedures for investigating financial firms as part of a top-to-bottom examination of agency functions ordered by acting Director Mick Mulvaney. The CFPB is seeking comment on its civil investigative demand (CID) procedures, which the financial services industry has criticized for being “unnecessarily burdensome” and not providing...
  • January 17, 2018
    The new leaders of the Consumer Financial Protection Bureau (CFPB) are taking the most significant step yet toward unwinding rules panned by the finance industry and the GOP. The CFPB announced this week that it would delay compliance with new regulatory rules for short-term, high-interest loans, commonly known as payday loans. The agency said it is considering how to roll back those rules. The...
  • January 17, 2018
    It’s clearly a whole new world at the Consumer Financial Protection Bureau with Mick Mulvaney in charge. Mulvaney, who is currently serving as acting director of the CFPB until either President Donald Trump names a permanent replacement for former Director Richard Cordray or a federal court tells him otherwise, is already making changes at the CFPB. How many more changes Mulvaney will bring to...
  • January 17, 2018
    Consumer advocates and business groups are battling anew over the possibility the Trump administration will eliminate a rule enacted to ensure that borrowers who take out high-interest loans between paychecks can pay them back. Clashing with support for a repeal by business groups, the policy arm of product tester Consumer Reports and other organizations say the so-called payday lending rule...
  • January 8, 2018
    WASHINGTON — Twenty-two financial, retail and technology trade associations have sent a letter to the House Energy and Commerce Committee calling for new federal regulations governing data breaches that would preempt state law. The groups said new legislation should create a “flexible, scalable” standard that would account for the size, cost and nature of data collected by a company and that it...
  • January 8, 2018
    A group of financial, retail and technology trade associations are calling on the federal government to oversee data breaches. According to a report in American Banker , 22 trade groups sent a letter to lawmakers urging the House Energy and Commerce Committee to create data protection legislation with a flexible, scalable standard, which would take into account the size of the business, the cost...
  • December 21, 2017
    WASHINGTON—The Trump administration’s move to put its budget chief in charge of the Consumer Financial Protection Bureau exposed a divide between a White House faction and the Treasury Department over just what the role of the consumer watchdog should be. The installation of Mick Mulvaney, head of the Office of Management and Budget, as the CFPB’s interim director was a win for conservatives who...

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