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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.
- June 8, 2018FIRST LOOK: THE SEESAW CFPB — From Consumer Bankers Assoc. CEO Richard Hunt’s prepared testimony at Wednesday’s House Financial Services Committee hearing on the CFPB: “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions. “It was also given unprecedented rulemaking, supervision, and...
- June 8, 2018TESTIFYING ON CAPITOL HILL MY TESTIMONY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE SUBCOMMITTEE – I WAS ON CAPITOL HILL ON WEDNESDAY TO TESTIFY BEFORE THE HOUSE FINANCIAL INSTITUTIONS SUBCOMMITTEE ON WAYS TO DEPOLITICIZE AND BRING TRANSPARENCY TO THE BUREAU OF CONSUMER FINANCIAL PROTECTION. AS I MENTIONED BEFORE THE COMMITTEE, CBA AND OUR MEMBERS SUPPORT THE MISSION OF THE BUREAU. THERE ARE...
- June 8, 2018On Thursday, June 7, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s request for information on its rulemaking process. “CBA recommends the Bureau adopt a standardized rulemaking process that is based on the principles of openness, accessibility and accountability,” CBA Vice President and Senior Counsel Dong Hong wrote.June 7, 2018Submitted Electronically: Regulations.gov The Honorable Mick Mulvaney Acting Director Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 RE: Request for Information Regarding Bureau Rulemaking Processes, Docket No. CFPB-2018-000 9 Dear Acting Director Mulvaney: The Consumer Bankers Association (“CBA”)1 appreciates the opportunity to provide the Bureau of Consumer...June 7, 2018CBA Submits Comments on Bureau’s Rulemaking Process WASHINGTON, D.C. – The Consumer Bankers Association today submitted comments on the Bureau of Consumer Financial Protection’s request for information on its rulemaking process. “CBA recommends the Bureau adopt a standardized rulemaking process that is based on the principles of openness, accessibility and accountability,” CBA Vice President and...June 6, 2018NOTE: For the complete oral and written testimony for this hearing, view the PDF file here . Richard Hunt Oral Statement Subcommittee on Financial Institution and Consumer Credit Hearing “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection” June 6, 2018 Chairman Luetkemeyer, Ranking Member Clay, and members of the committee, thank you for having me here today...June 6, 2018On Wednesday, June 6, 2018, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on improving transparency and accountability at the Bureau of Consumer Financial Protection. In the Bureau’s Semi-Annual Report to the President and Congress in April, Acting Director Mulvaney requested that Congress enact four changes to establish greater...June 6, 2018WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt this afternoon testified before the House Financial Institutions and Consumer Credit Subcommittee on ways to improve transparency and accountability at the Bureau of Consumer Financial Protection. Hunt’s written testimony and prepared opening statement are available here . Key excerpts from his remarks are below: “Improving...June 6, 2018On Wednesday, June 6, 2018, the Bureau informed interested stakeholders that they would be dismissing current members of the Bureau advisory boards, including the Consumer Advisory Board, and drawing new participants from the current application process to replace them. This comes as a result of the Bureau’s request for information on external engagement. The Bureau noted, “In addition to the...June 4, 2018Monica Jackson, Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 Dear Ms. Jackson, The Consumer Bankers Association (“CBA”) appreciates the opportunity to comment on potential changes to the Bureau of Consumer Financial Protection’s (“Bureau”) Public Reporting Practices of Consumer Complaint Information. CBA and its member...