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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.
- April 26, 2013Busy Week for the CFPB The CFPB has been in a frenzy of activity. In addition to their outstanding financial literacy outreach to consumers this week they: Issued a white paper on payday and deposit advance loans; Issued a statement on deposit advance product announcements by banking regulators; Issued Preemption Determination; Issued Second Round of Clarifications to Mortgage Rules; and...
- April 19, 2013CBA Attends Meeting on Project Catalyst On Tuesday April 16, 2013, CBA's Associate General Counsel Jeff Bloch attended a meeting at the CFPB to discuss Project Catalyst , the Bureau’s initiative to encourage consumer-friendly innovation and entrepreneurship in consumer financial products and services. This project was developed to fulfill the Dodd-Frank Act mandate to give all consumers access to...
- April 19, 2013CBA Testimony on Regulatory Relief CBA Government Relations Council Member Chuck Kim of Commerce Bancshares testified on Tuesday, April 16, 2013, before the U.S. House Subcommittee on Financial Institutions and Consumer Credit on “Examining Community Bank Regulatory Burdens.” Chuck fielded questions from Committee members about bank definitions by size and business model. Please see the GR...
- April 17, 2013April 12, 2013CBA Requests Time and Guidance on Mortgage Rules On Wednesday, April 10, 2013, CBA along with several other trade associations sent a letter to Director Cordray requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern is the incredibly short period of time allowed to comply with the new mortgage rules. The problems associated with the short...April 11, 2013April 10, 2013Dear Director Cordray: The Consumer Bankers Association, the American Bankers Association, The Financial Services Roundtable3 and its Housing Policy Council4 (collectively, the “Associations”) respectfully submit to the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) this letter on complying with the Bureau’s new mortgage rules. In order to ensure the new rules achievope their intended...