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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 30, 2013Washington, D.C. (May 30, 2013) – CBA appreciates the CFPB’s work with the industry on these issues to ensure that consumers have access to credit. We believe the rule changes, particularly regarding mortgage loan originator (MLO) compensation in the points and fees test, are a step in the right direction. Our major concern remains the impact of the overall rule on consumers and the amount of...
- May 29, 2013May 24, 2013Senate Postpones Nominee Votes On Tuesday, May 21, 2013, Senate Majority Leader Harry Reid (D-NV) indicated he would delay until July the confirmation vote of Richard Cordray to lead the CFPB until July. Leader Reid will bring additional stalled presidential nominees into the fold after the Senate completes immigration reform legislation. Republicans are sure to attempt blocking the vote, by not...May 24, 2013Bernanke and Lew Testimony Two big sound bites caught my attention this week and no, it was not the IRS controversy. They came from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Lew. Bernanke on concerns about financial stability : "I would say that (concern) has increased a bit. We have greatly increased our monitoring and attention to these issues ... to ascertain both whether...May 24, 2013Dear Ms. Jackson: The Consumer Bankers Association (CBA) appreciates the opportunity to submit comments to the Consumer Financial Protection Bureau’s (CFPB’s or Bureau’s) proposed rule “Defining Larger Participants of the Student Loan Servicing Market,” Docket NO. CFPB-2013-0005. Our comments reflect the view of CBA’s Education Funding Committee. The Committee includes the largest bank lenders of...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...