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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.
- May 23, 2013Dear Ms. Jackson: The undersigned associations (the “Associations”) support the proposal by the Consumer Financial Protection Bureau (the “Bureau”) to delay the June 1st effective date for section 1026.36(i) in the Loan Originator Compensation Requirements rule (the “Final Rule”), which prohibits the financing of single-premium credit insurance offered in connection with residential mortgages...
- May 17, 2013Senate Set to Vote on Cordray On Tuesday, May 14, 2013, Majority Senate Leader Reid (D-NV) indicated he would be willing to give President Obama’s second-term Cabinet choices a vote on the floor prior to the Memorial Day recess. In this mix of Cabinet member appointees is the head of the CFPB, Director Richard Cordray. Although Senator Reid indicates a vote will happen, he may wait until the...
- May 17, 2013CFPB Radar The United States Senate is likely to debate CFPB Director Cordray's confirmation next week, with an actual vote following the Memorial Day recess. While Director Cordray will not receive the votes necessary for confirmation, I believe Majority Leader Reid may be using this vote for a filibuster "reform" effort. Instead of needing 60 votes, Reid's proposal would require only 51 votes...
- May 16, 2013May 10, 2013CFPB Student Debt Report On Wednesday, May 8, 2013, the CFPB issued a report on “Student Loan Affordability: Analysis of Public Input on Impact and Solutions.” The report summarized input from the public about the challenges student loan debt presents and the wide-ranging impact it has on the financial lives of consumers including housing, small business development, retirement savings and rural...May 10, 2013May 10, 2013Last Chance to Apply for Retail Banking School The “best in class” banks will be in class at GSRBM this July 21-31, 2013. Less than one week remains until the application deadline: Wednesday, May 15, 2013. Check out our new curriculum and read why students, faculty and decision-makers choose GSRBM . Student Loans - CBA and CFPB Action The CFPB on Wednesday issued its report on student debt and...May 9, 2013May 8, 2013May 8, 2013Washington, D.C. (May 8, 2013) – CBA supports responsible efforts to help families and students afford an education. Private student loans play a critical role and are based on an underwriting process that responsibly assesses a borrower’s ability to repay. Private loans make up about 7% of the market and continue to perform better than federal student loans, which have a three-year default rate...