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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 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 28, 2013March 28, 2013March 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, 2013March 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...March 18, 2013Dear Ms. Jackson: The Consumer Bankers Association (CBA)1 and the American Bankers Association (ABA)2 (collectively “the Associations”) submit this letter in response to the Consumer Financial Protection Bureau’s (Bureau) Request for Information Regarding Financial Products Marketed to Students Enrolled in Institutions of Higher Education (RFI). The Associations appreciate the opportunity to...March 15, 2013March 15, 2013CFPB Director Corday's Confirmation Hearing On March 12, 2013, the Senate Banking Committee met to consider the nominations of Mary Jo White for Chairman of the Securities and Exchange Commission (“SEC”) and Richard Cordray as Director of the Consumer Financial Protection Bureau (“CFPB”). Ms. White seemed to garner broad support from the Committee, and while many Members on the Left pledged their...March 12, 2013