CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • 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...
  • 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...

Pages