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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.
- September 18, 2019Director Kathleen L. Kraninger Office of the Executive Secretary Consumer Financial Protection Bureau 1275 First Street, NE Washington, DC 20002 Email: 2019-NPRM-DebtCollection@cfpb.gov Re: Comments in Response to the Notice of Proposed Rulemaking under Regulation F Docket No. CFPB-2019-0022 Director Kraninger, This letter is submitted by the Consumer Bankers Association (“CBA”) in response to...
- September 17, 2019CBA Statement on CFPB Reversing Constitutionality Defense WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Consumer Financial Protection Bureau Director Kathy Kraninger informed congressional leaders the Bureau will no longer defend the constitutionality of its leadership structure: “Constitutional or not, Congress can end this...
- September 10, 2019CBA Statement on CFPB Updates to No-Action Letter Policy, Trial Disclosure Policy, & Compliance Assistance Sandbox WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Consumer Financial Protection Bureau’s new No-Action Letter (NAL), Trial Disclosure and Compliance Assistance Sandbox policies designed to facilitate compliance and...
- August 16, 2019CBA Statement on CFPB Education Loan Ombudsman WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau announced the appointment Robert G. Cameron as its new Private Education Loan Ombudsman: “We are glad Director Kraninger has filled this role and believe it should remain separate from the Office of...
- June 5, 2019On Wednesday, June 5, 2019, the CFPB announced a settlement with Freedom Mortgage Corporation for violations of HMDA and Regulation C. Freedom is one of the nation’s largest reporters, and reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. For example, certain loan officers were told by...May 29, 2019On Wednesday, May 29, 2019, the CFPB announced a settlement with BSI Financial Services, a mortgage servicer, for violations of the Real Estate Settlement Procedures Act and TILA. The Bureau found BSI violated the acts by: Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending...May 24, 2019Fifth Third Bank recently revealed a fresh, hip design for its next-generation branch, to be used in all of its new, relocated or remodeled branch locations. The first next-generation branch opened last week inside the new Kroger Store in Green Township, Ohio. Say goodbye to teller lines and windows, say hello to informal meeting spaces and couches! Cajun Thoughts: CFPB APPOINTS PERMANENT DEPUTY...May 23, 2019In advance of the House of Representatives’ consideration of the Consumer First Act (H.R. 1500), the Consumer Bankers Association wrote Members of Congress discussing provisions in the legislation. CBA and other financial services trade associations also wrote a letter addressing an amendment being offered by Rep. Al Green (D-Texas) to reverse Congress’s previous vote to overturn the CFPB’s...May 23, 2019On Thursday, May 23, 2019, the CFPB issued a press release about significantly expanding its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management ( MIMM.gov ) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training. The CFPB...May 21, 2019May 21, 2019 Dear Members of Congress: The Consumer Bankers Association (CBA) submits the following comments on H.R. 1500, the Consumer First Act and select proposed amendments. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million...