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.
November 27, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) today sent letters to the Senate Banking Committee and House Financial Services Committee ahead of the Consumer Financial Protection’s Bureau’s (CFPB) semi-annual report to Congress later this week outlining legislative and regulatory suggestions to lawmakers and the Bureau for the purpose of ensuring consumers continue to have access to...
November 16, 2023In passing the sweeping reforms of the credit card market under the 2009 Credit Card Accountability Responsibility and Disclosure (“CARD”) Act, Congress required that the Consumer Financial Protection Bureau (CFPB) publish a review of the state of the credit card market every two years. 1 This year’s Consumer Credit Card Market Report (“CARD Act Report”) published late last month, was accompanied...
November 7, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a larger participant rule regarding consumer digital payments. “By bringing supervisory attention to large non-bank payment firms in line with expectations for banks offering similar products, the CFPB is taking a step in the...
October 19, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking on the implementation of Section 1033 of the Dodd-Frank Act regarding consumer data rights. “CBA member banks continue to support a well-regulated marketplace that fosters competition, spurs...
October 11, 2023WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the White House Rose Garden event with officials from the Consumer Financial Protection Bureau (CFPB) and other agencies focused on efforts to curb fees across various industries. “Banks exist to provide consumers and small businesses access to the financial tools...
September 21, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals under the Small Business Regulatory Enforcement Fairness Act (SBREFA) for the Fair Credit Reporting Act (FCRA): “The nation’s leading retail banks remain fully committed to protecting the personal financial...
September 11, 2023The Consumer Bankers Association and the Bank Policy Institute (“the Associations”) addressed misconceptions surrounding medical payment products in a letter today to the Consumer Financial Protection Bureau, the Department of Health and Human Services and the U.S. Treasury Department (“the Agencies”). The Agencies issued a request for information in July that wrongly asserts that “medical...
September 9, 2023WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson tonight released the following statement after the U.S. District Court for the Eastern District of Texas granted CBA and other plaintiffs’ motion for summary judgment, and denied the counter-motions by the Consumer Financial Protection Bureau (CFPB), in a case against the CFPB challenging the legality of...
September 7, 2023In a new letter sent to the Consumer Financial Protection Bureau (CFPB or Bureau), the Consumer Bankers Association (CBA) highlighted the important use of information – that the Bureau may define as ‘credit header data’ – by banks for identity verification and fraud prevention. The letter also details the ways in which these consumer protection measures by banks may be impacted by defining this...
August 31, 2023What’s Happening The financial services ecosystem has rapidly evolved over the past decade, driven largely by the growth of fintechs and other non-bank entities increasingly offering products and services that have traditionally only been offered by well-regulated banks. This is especially true today in the peer-to-peer (P2P) payments market, which is largely controlled by fintech companies like...
