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.
  • August 23, 2013
    CFPB Highlights Supervisory Issues On Wednesday, August 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued a press release in connection with Supervisory Highlights for August. Issues cited in the release include bank and nonbank mortgage servicing, detailing problems with account transfers, poor payment processing and servicers’ loss mitigation processes. Most notably, the CFPB...
  • August 16, 2013
    Federal Reserve Ordered to Produce Debit Interchange Plan On Wednesday, August 14, 2013, U.S. District Court Judge Richard Leon held a hearing to discuss moving forward in the matter of NACS v. Board of Governors of the Federal Reserve System. As previously reported, on July 31, 2013, Judge Leon struck down the Board's current rules on interchange fees for debit card transactions, in place since...
  • August 9, 2013
    CBA and Trades Urge CFPB to Provide Reasonable Compliance Grace Period On Monday, August 5, 2013, CBA led a joint trades letter with the Education Finance Council (EFC), the National Council of Higher Education Resources (NCHER), and the Student Loan Servicing Alliance (SLSA) to CFPB Director Richard Cordray urging the Bureau to immediately provide private student lenders and servicers with a 30-...
  • August 5, 2013
    Dear Director Cordray, The Consumer Bankers Association (CBA), the Education Finance Council (EFC), the National Council of Higher Education Resources (NCHER) and the Student Loan Servicing Alliance (SLSA) are writing to urge the Consumer Financial Protection Bureau (the “Bureau”) to immediately provide private student loan providers with a 30-day compliance grace period for lenders and servicers...
  • August 2, 2013
    Federal Court Vacates Fed’s Debit Interchange Rule On Wednesday, July 31, 2013, a U.S. District Court judge struck down the Federal Reserve Board's rules on interchange fees for debit card transactions, in place since late 2011. U.S. District Judge Richard Leon ruled the Board overstepped its discretionary authority to set a 21-cent cap on debit card transactions. The rule, which has been in...
  • July 26, 2013
    CBA Files Comment Letter on Mortgage Rules On Monday, July 22, 2013, CBA filed a comment letter with the CFPB concerning the agency’s proposed clarifications and revisions of the mortgage rules issued in January. Specifically, the CFPB’s proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures under the servicing rules; (2) amounts counted as mortgage...
  • July 19, 2013
    Director Cordray Confirmed by the Senate On Tuesday, July 16, 2013, the U.S. Senate confirmed Richard Cordray as Director of the CFPB, 66-34, as part of a compromise between Senate Democrats and Republicans that prevented a change in the Senate rules known as the ‘nuclear option.’ It is expected this will make the Noel Canning case moot. CBA issued the following statement upon Director Cordray’s...

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