CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • October 25, 2017
    Who benefits from this? Banks and large businesses. It will now be harder for consumers to take banks to court. The rule's repeal is one of the most significant and enduring victories for critics of the Dodd-Frank financial reform law, and was widely praised by groups like the U.S. Chamber of Commerce and the Consumer Bankers Association. Read Sylvan Lane's story here
  • October 25, 2017
    The U.S. Senate's vote to kill a rule that would allow consumers to file class-action lawsuits over disputes with banks, credit card companies and other financial service firms means that such cases will now likely be resolved through arbitration. President Trump is expected to approve the rollback, dealing a major setback to the Consumer Financial Protection Bureau, the federal watchdog created...
  • October 25, 2017
    Vice President Mike Pence broke a tie in the Senate Tuesday night to strike down the Consumer Financial Protection Bureau’s arbitration rule, which would have allowed consumers to more freely file class-action lawsuits against financial institutions. The vote is widely being regarded as one of the first major wins for the financial services industry under the new administration. President Donald...
  • October 24, 2017
    WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection...
  • October 23, 2017
    The Consumer Financial Protection Bureau ’s arbitration rule is once again under fire – this time from the U.S. Department of the Treasury . This new rule would ban companies from using mandatory arbitration clauses, allowing consumers to participate in class-action lawsuits. However, it has been met with strong resistance from every front. The latest attack comes from a new report from the...
  • October 12, 2017
    In the rule it unveiled last week , the agency sent a mixed message on that question. The CFPB effectively banned one type of bank loan: deposit-advance products, which were common before banks largely abandoned them due to 2013 guidelines issued by banking regulators. But the CFPB also exempted many small lenders from a core requirement of the rule—having to verify that borrowers can repay the...
  • October 11, 2017
    CBA President and CEO Richard Hunt ahead of Wednesday’s mark-up: “Designating risk based on how big a financial institution is does not make sense and it hurts consumers. Allowing regulators to take a big-picture view of risk by looking at the activities a financial institution undertakes instead of a simple assets threshold is more telling and can reduce unnecessary compliance burdens that limit...
  • October 5, 2017
    Maybe you saw a suspicious charge on your bank statement. Or your debit card is missing from your wallet. If you believe your account is at risk, you need to act fast. Your money could be in jeopardy. According to a 2015 American Bankers Association survey, banks lost nearly $2 billion to deposit account fraud the year before. The recent Equifax data breach highlights how consumer information is...
  • October 5, 2017
    WASHINGTON (Reuters) - Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders’ ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country’s consumer financial watchdog. The Consumer Financial Protection Bureau (CFPB) released a regulation on Thursday requiring lenders to...
  • October 5, 2017
    The Consumer Financial Protection Bureau will require payday lenders to verify income and take other steps to protect borrowers, issuing a long-awaited rule that has become tangled in a tug of war over Director Richard Cordray’s future. The rule limits how often a lender can attempt to debit a borrower's account, a practice that can rack up bank fees. It also curbs lenders’ ability to advance...

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