CFPB

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.
  • January 31, 2014
    Exam Format Changes May Expedite Exam Reports The CFPB has announced it is changing the format of its exam reports. According to a statement by the bureau, they believe this change will expedite the time it takes banks to receive final exam reports: “We anticipate that these changes will reduce the amount of time necessary to finalize reports, thus enabling us to more efficiently provide the...
  • January 24, 2014
    CFPB Seeks Advisory Board and Council Applications On January 15, 2014, the CFPB announced it is seeking applications for positions on its Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required the establishment of CAB to advise and...
  • January 24, 2014
    Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...
  • January 17, 2014
    CFPB Extends Comment Period for Debt Collection ANPR On Tuesday, November 12, 2013, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) on debt collection practices, which included a 90-day comment period ending February 10, 2014. On January 14, 2014, the Bureau published a notice in the Federal Register announcing an extension of the comment period to February 28, 2014. The proposed...
  • January 10, 2014
    Today - Early Bird Registration for CBA LIVE 2014 Early bird registration for CBA LIVE 2014 ends today , so register before 9:00 p.m. EST and save $300 on attending the premier conference event in retail banking. We are just a couple of short months away from CBA LIVE where we will hear from former Homeland Security Secretary Tom Ridge on current and emerging cyber threats, Chris Gardner on...
  • January 10, 2014
    CFPB Releases Mortgage Resources On Tuesday, January 7, 2014, the CFPB released new consumer resources on mortgage rules, many of which take effect today, January 10, 2014. As part of the CFPB’s campaign to educate consumers on the new rules, these resources include sample letters consumers can send to their mortgage servicers, mortgage tips, FAQs, factsheets, and other consumer tools. “Taking...
  • January 7, 2014
    Washington, D.C. (January 7, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in advance of several new Consumer Financial Protection Bureau (CFPB) mortgage rules which are set take effect on January 10, 2014: “CBA’s retail banks have been working around the clock to comply with the CFPB’s historic mandate on new mortgage rules...
  • December 20, 2013
    CFPB and DOJ Issue Enforcement Action for Auto Lending Practices On Friday, December 20, 2013, the CFPB and DOJ issued enforcement action against Ally Bank for auto lending practices, specifically discrimination in connection with dealer reserve compensation. Ally will pay $80 million to consumers, pay to hire a settlement administrator to distribute funds to victims, and monitor dealer reserve...
  • December 19, 2013
    Washington, D.C. (December 19, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement after MeasureOne released “ The Private Student Loan Report – 2013 .” The report is a comprehensive study of the private student loan market, and reveals a smaller private sector student loan market and positive performance trends. “This report shows private...
  • December 13, 2013
    CFPB Study on Arbitration The CFPB released phase one of its study on December 12, 2013, regarding the use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of pre-dispute arbitration clauses in consumer markets. I am disappointed in the piecemeal release of data in connection with the...

Pages