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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 26, 2018Cajun Thoughts: Comptroller of the Currency Joseph Otting’s comment at last week’s Exchequer Club lunch that “the number one reason I took the job was to make CRA better ” continues to resonate with me and many others. I am not underestimating his resolve…Seems the consumer groups are not happy with their self-described “lack of access” at the Bureau of Consumer Financial Protection . They wanted...
- October 26, 2018CBA Statement on Bureau Review of Small-Dollar Rule WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Bureau of Consumer Financial Protection announced it would reconsider provisions of the “Payday, Vehicle Title and Certain High-Cost Installment Loans” rule as well as the rule’s implementation date: “We appreciate the Bureau...
- October 26, 2018Richard Hunt, president and CEO of the Consumer Bankers Association, said the bureau should consider all aspects of the rule, not just the ability-to-repay requirements, “to prevent unintended consequences for loans the original rule was not intended to cover.” The payday rule covers only small-dollar loans, not longer-term installment loans. Many say the payday rule would hurt consumers who need...
- October 24, 2018The Honorable Mick Mulvaney Acting Director Bureau of Consumer Financial Protection 1700 G Street, NW Washington, D.C., 20552 RE: Compliance Date of Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule Dear Acting Director Mulvaney: The Consumer Bankers Association (CBA) and the American Bankers Association request the Bureau of Consumer Financial Protection (Bureau) to immediately...
- October 24, 2018On Wednesday, October 24, 2018, the Bureau of Consumer Financial Protection issued press release announcing a settlement with Cash Express, LLC , a small-dollar lender that offers payday and title loans, as well as cash-checking services. In the consent order, the Bureau found that Cash Express violated the Consumer Financial Protection Act (CFPA) by deceptively threatening in collection letters...October 23, 2018On Tuesday, October 23, 2018, the Bureau released a complaint snapshot compiling consumer complaint database data from January 1, 2015 to June 30, 2018. More than 30% of total complaints were from California, Florida and Texas, though the District of Columbia had the most complaints per capita. Between January 2017 and June 2018, the Bureau has received 494,540 complaints. The Bureau noted...October 19, 2018My top takeaway this week … On Wednesday, Comptroller of the Currency Joseph Otting spent a lot of time discussing CRA modernization efforts during his talk to the Exchequer Club here in D.C. He made three key points: he is committed to CRA modernization, calling it the "Number one reason" he came to Washington ; branches are not obsolete , but the current assessment area framework can restrict...October 17, 2018Today, October 17, the Federal banking regulators released its latest (Fall) unified regulatory agenda . The highlights for the Bureau of Consumer Financial Protection include: Continuation of Existing Rulemaking The Bureau announced in January 2018 that it intends to engage in a rulemaking to reconsider a 2017 rule titled Payday, Vehicle Title, and Certain High-Cost Installment Loans which has a...October 10, 2018On Wednesday, October 10, 2018, CBA along with ABA and the U.S. Chamber of Commerce submitted a joint comment letter to the BCFP in response to its trial disclosure proposal. We are supportive of changes to the trial disclosure program as the current framework offers few incentives or protections for participating companies. In our letter, CBA asks the Bureau to provide greater protections for...October 10, 2018Mr. Paul Watkins Assistant Director, Office of Innovation Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20552 Re: Docket No. CFPB-2018-0023 – Policy to Encourage Trial Disclosure Programs Dear Mr. Watkins: The U.S. Chamber of Commerce,1 the American Bankers Association,2 and the Consumer Bankers Association3 appreciate the opportunity to comment on the proposal (Proposal...