CFPB
Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.
June 6, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson sat down with former journalist, IntraFi Chief Content Officer, and host of the popular banking podcast “Banking with Interest” Rob Blackwell for a candid conversation about the future of M&A, how proposals taking shape at the CFPB will affect the industry, and consumers and what steps Congress can take to ensure the CFPB...
June 5, 2023A new report from the Financial Health Network examining the overdraftmarketplace reinforced the impact of bank-led innovation and consumers’ need for the product as they contend with ongoing economic headwinds. Key Findings: According to the report, which surveyed consumers about their overdraft experiences in 2022 and compared these findings to prior years: Aggregate fees from overdraft dropped...
June 1, 2023The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting the potential harm fintech payment providers operating outside of the well-regulated and supervised banking system could cause consumers. The CFPB also issued a consumer advisory urging consumers to move funds stored on apps such as Venmo, PayPal, and CashApp, which may not be protected by insurance in the event of...
May 25, 2023The Consumer Financial Protection Bureau (CFPB) this week released a new report underscoring the significant savings bank-led overdraft innovation has delivered consumers. What They’re Saying: Driven by a desire to meet evolving consumer demand, a growing share of America’s leading banks have unveiled innovative overdraft solutions designed to expand choice, strengthen transparency and lower...
May 10, 2023On behalf of the Consumer Bankers Association (CBA), I write to express our support for S. 1362, the Transparency in CFPB Cost-Benefit Analysis Act. This bill is an important component of CFPB reform and will help ensure the Bureau’s policies are grounded in sound data and evidence. Cost-benefit analysis is an important tool for regulators to use to balance the costs of implementing and complying...
May 3, 2023The Consumer Bankers Association (CBA) appreciates the opportunity to submit comments to the Consumer Financial Protection Bureau (the Bureau) in response to the notice of proposed rulemaking on credit card penalty late fees (the NPRM). In addition to the comments shared in the letter CBA submitted jointly with several other trade associations, CBA writes separately to express significant...
May 3, 2023In a new letter sent today to the Consumer Financial Protection Bureau (CFPB), the Consumer Bankers Association (CBA) outlined deep concerns with the agency’s recent Notice of Proposed Rulemaking (NPRM) on credit card penalty late fees, a proposal that would drastically alter the credit card landscape with profound implications for banks and the millions of Americans they serve. As CBA states in...
April 26, 2023The House Financial Services Committee today will vote on several legislative proposals that would deliver meaningful and long overdue reforms to the Consumer Financial Protection Bureau (CFPB). In a new letter sent to the Committee ahead of the markup, the Consumer Bankers Association (CBA) renewed support for legislation necessary to ensure the Bureau fulfills its responsibility of protecting...
April 25, 2023Dear Chairman McHenry and Ranking Member Waters: The Consumer Bankers Association (CBA) submits this letter for the committee’s April 26, 2023 markup of bills. We appreciate the committee’s attention to meaningful CFPB reforms to ensure a safe and well-functioning financial services marketplace. CBA is the voice of the retail banking industry whose products and services provide access to credit...
CBA Letter to House Appropriations Subcommittee Requesting CFPB Reform Inclusion to Appropriations Legislation