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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.
- March 29, 2013CFPB's "Not Verified" Data The CFPB today released their expanded consumer complaint database showing more than 90,000 complaints - with half coming from affluent and elderly zip codes. While I applaud the intent of the CFPB to inform consumers on specific types of complaints, their methodology is flawed and actually performs a disservice to consumers. The CFPB in their own press release states...
- March 28, 2013Washington, D.C. (March 26, 2013) – CBA supports the CFPB’s efforts to educate consumers to make financial decisions. Unfortunately, today the CFPB took a serious step in the wrong direction by releasing tens of thousands of “not verified” complaints and encouraging the public to do its own homework. This approach is unnecessary, misleading and ultimately harmful to consumers. A better service to...March 22, 2013Cordray Nomination Moves to Full Senate On Tuesday, March 19, 2013, the Senate Banking Committee advanced President Obama’s nominees for the CFPB and the SEC. As expected, current CFPB Director Richard Cordray - who was recessed appointed by the President in January 2012 - was approved by a party line vote of 12 to 10. These nominations will now go to the full Senate for consideration...March 21, 2013Washington, D.C. (March 21, 2013) – “CBA and our members have a deep and abiding commitment to fulfilling the financial needs of consumers and have zero tolerance for discrimination. This is a bedrock principle throughout the banking industry across all products. We look forward to working with the CFPB and all our regulators to ensure every consumer is protected. Unfortunately, Congress dealt...