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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 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, 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...May 3, 2013CFPB Issues Final Remittance Rule On Tuesday, April 30, 2013, the CFPB finalized (again) its rule on international money transfers (remittances). This finalized rule is intended to preserve new consumer protections while facilitating industry’s compliance with the rule. The rule will take effect October 28, 2013. Director Cordray remarked , “We are dedicated to protecting consumers who send money...May 3, 2013CFPB's Remittances Rule Commendable CBA applauds the CFPB on the final rule on remittances issued this week. We are encouraged by the Bureau's willingness to work with banks to ensure customers' needs are met when sending money abroad. A full analysis of the rule may be found in our GR Update below. Regulatory Radar - What's Next? Next Wednesday, May 8, 2013, the CFPB will hold a hearing on...May 1, 2013Washington, D.C. (May 1, 2013) – Statement of Richard Hunt, President and CEO, Consumer Bankers Association in response the CFPB’s final rule on Remittances, also known as International Monetary Transfers: “CBA commends the CFPB on its willingness to work with the industry to address the serious concerns voiced by the retail banking sector. As a result, the changes made to the final rule will...April 26, 2013CFPB Director Cordray Testifies Before Senate Banking Committee On Tuesday, April 23, 2013, CFPB Director Richard Cordray testified before the Senate Banking Committee on the CFPB’s Semi-Annual Report to Congress . The Committee discussed a number of pressing issues with Director Cordray, most notably, CFPB collection of “big data,” the consumer complaint database, indirect auto lending, student...