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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.
- June 28, 2013Supreme Court to Hear Recess Appointment Case On Monday, June 24, 2013, the Supreme Court agreed to hear a case that indirectly questions the validity of Richard Cordray as director of the CFPB. The case, Noel Canning v. NLRB , challenges the President’s recess appointment of several members of the National Labor Relations Board (NLRB). In January 2013, the US Court of Appeals for the District of...
- June 28, 2013The US Supreme Court's decision to hear the Noel Canning v. NLRB case to determine the constitutionality of President Obama's "recess/non-recess" appointments reminds us the CFPB operates under a continuing cloud of uncertainty for consumers and the industry. Don't expect any clarity until winter at the earliest. Director Cordray's tenure is expected to end on January 4, 2014 -- unless he is...
- June 24, 2013Washington, D.C. (June 24, 2013) – Today’s Supreme Court announcement on the Noel Canning v. NLRB case is a reminder the CFPB operates under a continuing cloud of uncertainty for consumers and the industry. Congress has the opportunity to take corrective measures to restructure the virtually unchecked power of the Bureau from one individual to a bi-partisan commission. For the past two years, CBA...June 21, 2013CFPB Radar Following CBA's Board meeting with CFPB Director Cordray last week, we are working with Bureau staff to continue our dialogue on QM issues. The CFPB’s mortgage implementation team will continue to issue clarifications and resolve questions as lenders work to implement the new rules by the January 10 effective date. Director Cordray delivered remarks to the Exchequer Club on Wednesday...June 21, 2013Amici Curiae AMICI’S INTEREST IN THIS CASE Many of Amici’s members, constituent organizations and affiliates (collectively, “Members”) have independently adopted as standard features of their consumer contracts provisions that call for individual arbitration of disputes arising from or relating to those contracts, upon the election of either party. They use arbitration because it is a prompt,...