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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 21, 2013House Financial Services Subcommittee Hears Testimony on the CFPB’s Budget On Tuesday, June 18, 2013, the House Financial Services Subcommittee on Oversight and Investigations met regarding the CFPB’s Budget for FY 2013. CFPB Chief Financial Officer Mr. Stephen Agostini testified on behalf of the Bureau. The Committee Chairman, Jeb Hensarling (R-TX) still refuses to hear testimony from Director...
- June 14, 2013CFPB Releases Initial Findings on Overdraft and Non-sufficient Funds On Tuesday, June 11, 2013, the CFPB released a report entitled “ CFPB Study of Overdraft programs – A white paper of initial data findings .” As referenced in the white paper, the CFPB intends to refine its inquiry in to overdraft services based on the findings in this first report. A follow up report is expected in late 2013/...
- June 14, 2013CFPB Overdraft Report The CFPB released their overdraft report just after midnight, Tuesday morning. This is the first of two reports with a follow-up expected in late 2013/early 2014, and we expect the agency to consider regulatory action at that time. As a result of the overdraft report, this was a busy news week for CBA. I appeared on NBC Nightly News and CNBC Closing Bell on Tuesday, talking...
- June 12, 2013June 11, 2013Washington, D.C. (June 11, 2013) – The CFPB ought not adopt any policy that drives America’s families to unregulated industries with riskier and costlier alternatives. Consumers have the right to choose the products and features which best provide for their family’s daily financial needs. Fortunately, the marketplace for checking accounts is extremely competitive and banks make every effort to...June 7, 2013CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...