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.
  • July 11, 2014
    CFPB Takes Action Against Payday Lender On Thursday, July 10, 2014, the CFPB took enforcement action against a large payday lender, ACE Cash Express, for allegedly pushing payday borrowers into a cycle of debt. The CFPB found ACE, headquartered in Irving, TX, used illegal debt collection tactics, including harassment and false threats of lawsuits or criminal prosecution, to pressure overdue...
  • June 27, 2014
    CFPB Orders GE Capital to Pay $225 Million to Consumers On Thursday, June 19, 2014, the CFPB ordered GE Capital, now known as Synchrony Bank, to pay $225 million to consumers who were “harmed by illegal and discriminatory credit card practices.” The Bureau allocated $56 million to approximately 638,000 consumers who were “subjected to deceptive marketing practices,” and $169 million to roughly...
  • June 20, 2014
    OIG of the Federal Reserve Board and CFPB issues Work Plan On Monday, June 16, 2014 the Office of the Inspector General (OIG) of the Federal Reserve Board and CFPB issued a Work Plan outlining audits and evaluations it is conducting or plans to conduct in the near future. The following is a list of the items relevant to the CFPB, divided into Ongoing Projects and Planned Projects. CFPB: Ongoing...
  • June 20, 2014
    Whistleblower Sheds Light on CFPB Issues On Wednesday June 18, 2014, the House Financial Services Subcommittee on Oversight and Investigations held a hearing entitled: “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Three.” While this hearing mainly focused on whistleblowers’ allegations of employment discrimination at the CFPB, testimony by Mr...
  • June 13, 2014
    CBA Comments on Remittance On Friday, June 6, 2014, CBA and other trades filed a comment letter with the CFPB in response to the agency’s proposal to revise the regulation to implement Section 1073 of the Dodd-Frank Act, which created new requirements for remittance transfers. The CFPB proposed to institute a five-year extension on a temporary provision allowing federally insured financial...
  • June 13, 2014
    Cordray: Prepaid Rule Delayed CFPB Director Richard Cordray stated during a Senate Banking Committee hearing on Tuesday, June 10, 2014, the CFPB will not issue a proposal for new rules on prepaid cards until the end of this summer. We had been expecting the announcement of new rules as early as this week. “It's a very high priority for us right now. It doesn't indicate any particular problem...
  • June 10, 2014
    June 10, 2014 Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA)1 commends you for your work on a number of legislative proposals that will make the Consumer Financial Protection Bureau (CFPB) more accessible, and ultimately better for consumers. Increased transparency from the Bureau and greater opportunities for public input are laudable goals. The bills...
  • June 10, 2014
    Washington, D.C. (June 10, 2014) – The Consumer Bankers Association (CBA) sent a letter today to House Financial Services Chairman Jeb Hensarling (R-TX) and Ranking Member Maxine Waters (D-CA) lauding their Committee’s efforts to increase transparency at the Consumer Financial Protection Bureau (CFPB). Today’s markup of legislation by the Committee will allow the financial services industry to...
  • June 6, 2014
    CFPB Publishes Semi-Annual Report to Congress The CFPB issued its fifth Semi-Annual Report on May 28, 2014. Totaling 177 pages, the Report provides a detailed accounting of actions the Bureau has taken from October 1, 2013 through March 31, 2014. With considerable attention devoted to the consumer complaint process, the document also highlights issues regarding supervision, enforcement and...
  • May 30, 2014
    CFPB Delays Timetable for Overdraft, Payday Rules The CFPB announced a semi-annual update to its rulemaking agenda , which sets out the Bureau’s regulatory plans. The agenda is provided by the Bureau to the Office of Management and Budget (OMB), and reflects the Bureau’s best estimate of its upcoming rulemaking activities. While we did not expect overdraft proposed rules in July, the February...

Pages