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Auto lending is a dynamic market second only to housing in size, with nearly $900 billion in outstanding auto loan balances. Banks hold approximately a third of all auto loan balances, followed closely by captive auto lenders, credit unions and auto finance companies. Under the Dodd-Frank Act, the CFPB has the authority to supervise all depository institutions with more than $10 billion in assets. However, the Bureau has also been granted the authority to supervise “larger participants” in consumer financial markets. The CFPB exercised this authority by issuing a rulemaking proposal to extend its supervisory reach over nonbank auto lenders, such as the captives and auto finance companies. CBA is largely supportive of this effort as consumers should expect to receive the same level of protection no matter where they receive their auto loans.
- November 28, 2018The U.S. market has developed into a world of credit haves and have nots. The “haves” are those who are deemed creditworthy and have credit. The “have nots” are those who do not qualify for credit because their credit history is limited or nonexistent. Nearly 20 percent of U.S. consumers are credit invisible. What can be done to render the unbanked and underbanked visible? Imagine a tool to scour...
- September 21, 2018D.C. DOWNLOAD Hurricane Florence Efforts: Banks are stepping up once again to help those impacted by natural disasters. Bank of America, Wells Fargo, Fifth Third, JPMorgan Chase, Bank OZK and Regions are among the many CBA members lending a hand and offering monetary support. CBA Default Management Committee (DMC) & Auto Finance Committee In-Person Meetings: This week, CBA HQ hosted the first...
- August 8, 2018 - 2:00PMPastMay 11, 2018DRIVING THE CONVERSATION Rumor Mill Churns: McWatters as Bureau Director? – There is plenty of buzz in D.C. surrounding President Trump’s potential nomination of National Credit Union Administration Board Chair Mark McWatters as the next Director of the Bureau of Consumer Financial Protection (Bureau). We have had conversations with McWatters, as well as many other potential candidates for the...May 9, 2018May 9, 2018 Mr. Kenneth A. Blanco, Director Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 Re: Compliance for Customer Due Diligence Rule Dear Director Blanco, The Consumer Bankers Association (CBA)  fully supports efforts by the Financial Crimes Enforcement Network (FinCEN) to crack down on illegal activities through its final customer due diligence rule (CDD rule). While...May 8, 2018WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. House of Representatives passed a Congressional Review Act Resolution (S.J. Res. 57) to repeal the Bureau of Consumer Financial Protection’s (Bureau) 2013 Auto Bulletin: “CBA members are committed to ensuring strong fair lending policies and practices are in place at their banks...May 4, 2018D.C. MEMORIAL DAY SHOT CLOCK What’s on the D.C. Docket ahead of Memorial Day? – Here is your cheat sheet to guide you through the month: Monday RFI Deadline –The BCFP RFI process continues with comments on administrative adjudications (May 7), enforcement processes (May 14), supervision processes (May 21) and external engagements (May 28) due this month. CBA will be submitting comment on these...April 20, 2018DC DOWNLOAD CBA-Backed Effort to Overturn CFPB's 2013 Auto Bulletin Passes U.S. Senate – CBA member banks are strongly committed to ensuring fair lending policies and practices are upheld while fulfilling consumers’ financial needs. The CFPB’s 2013 Auto Bulletin was a backdoor attempt at rulemaking without notice or comment and lacked the clarity needed by lenders, which is why CBA supported the...April 20, 2018On Friday, April 20, 2018, the CFPB, in a coordinated action with the OCC, announced a settlement with Wells Fargo Bank , after the agencies found Wells Fargo violated the Consumer Financial Protection Act through the way the bank administered its insurance program related to auto loans. Under the terms of the consent orders, Wells Fargo must pay a $1 billion penalty, with $500 million going to...April 18, 2018On Wednesday, April 18, 2018, the U.S. Senate passed a Congressional Review Act (CRA) Resolution, which was introduced by Jerry Moran (R-Kan.), to overturn the CFPB's 2013 Auto Bulletin. A companion bill has been introduced in the House of Representatives by Congressman Lee Zeldin (R-N.Y.) and CBA expects this resolution to pass too, thereby sending the CRA to President Donald Trump's desk for...