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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.
- October 29, 2020On Thursday, October 29, 2020, the Bureau issued a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s work or the work of other agencies...October 20, 2020On Tuesday, October 20, 2020, the CFPB issued a final rule to extend the Government-Sponsored Enterprise (GSE) Patch until the mandatory compliance date of the final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was originally schedule to expire January 10, 2021. The Bureau is not amending the provision in Regulation Z stating the GSE Patch will...October 1, 2020The Consumer Bankers Association welcomes the Consumer Financial Protection Bureau’s (“CFPB’” or “Bureau”) efforts to create a new category for seasoned qualified mortgages (“seasoned QMs”). CBA agrees a seasoned QM definition would complement existing qualified mortgage (“QM”) definitions and help ensure access to responsible, affordable mortgage credit. Furthermore, we also believe the Bureau...September 9, 2020Re: QM Definition Under the Truth in Lending Act (Regulation Z): General QM Loan Definition The Consumer Bankers Association (“CBA”) applauds the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) on its efforts to modify and enhance the definition of the General Qualified Mortgage (“QM”) as defined by Regulation Z’s Ability-To-Repay/Qualified Mortgage (“ATR/QM”) Rule. We appreciate the...August 21, 2020Ms. Galban: The Consumer Bankers Association (CBA) appreciates this opportunity to comment on the Consumer Financial Protection Bureau’s (Bureau) Proposed Advisory Opinion Program. CBA recognizes much of this program was developed in response to the Bureau’s Request for Information on Bureau Guidance and Implementation Support. CBA responded to the Bureau’s request with a call for the Bureau to...July 28, 2020July 28, 2020 The Honorable Mike Crapo Chairman Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (CBA) submits the...July 7, 2020CBA Statement on CFPB Small Dollar Rule WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau released a final small dollar rule: “CBA is pleased the Bureau’s amended small dollar rule will help banks provide much needed small dollar loans to consumers in need. “ Millions of Americans live...June 29, 2020CBA Statement on Supreme Court CFPB Ruling WASHINGTON, D.C. – Consumer Bankers Associations President and CEO Richard Hunt issued the following statement after the U.S. Supreme Court ruled in Seila Law LLC v CFPB the Consumer Financial Protection Bureau’s leadership structure was unconstitutional and changed the Bureau’s single director from a position which could only be fired for cause to a...June 17, 2020Director Kraninger: The Consumer Bankers Association (CBA) appreciates the Consumer Financial Protection Bureau (Bureau) issuing its Renewal Request with the Office of Management and Budget for Consumer Response Company Response Surveys (Request). CBA and our members have long engaged with the Bureau about the consumer complaint portal and consumer feedback surveys. CBA outlined many of our...June 1, 2020Dear Director Kraninger, Throughout the novel COVID-19 pandemic, the Consumer Bankers Association (CBA) and our members have worked diligently to protect the financial wellbeing of consumers across the country. Since this unprecedented threat emerged, CBA members have engaged in a host of financial relief and recovery options for customers, aimed at promoting financial safety and security. We...