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.
  • December 13, 2013
    CFPB Releases First Phase of Arbitration Study In conjunction with a field hearing in Dallas, TX on Thursday, December 12, 2013, the CFPB released phase one of its study on consumer 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...
  • December 12, 2013
    Washington, D.C. (December 12, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following response to the Consumer Financial Protection Bureau’s (CFPB) release of phase one of its study on 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...
  • December 6, 2013
    CFPB Rulemaking Agenda The CFPB posted a semi-annual update to its rulemaking agenda on December 4, 2013. They continue to work on rulemaking as mandated by Dodd-Frank and are looking to expand their focus on consumer financial products and services. In 2014, the CFPB expects to begin work on mortgage issues, including preservation of credit in “rural or underserved” areas, and implementing...
  • December 6, 2013
    CFPB Releases Final Nonbank Student Loan Servicing Rule On Tuesday, December 3, 2013, the CFPB released its final larger participant rule for nonbank student loan servicers. CBA commented on the proposed rule when it was issued in March, supporting of the Bureau’s approach to supervising nonbanks and the rule’s inclusion of federal student loans. The Bureau oversees student loan servicing for...
  • December 3, 2013
    Washington, D.C. (December 3, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, released the following response to the Consumer Financial Protection Bureau’s (CFPB) finalized rule “Defining Larger Participants of the Student Loan Servicing Market,” issued today: “This finalized rule is an appropriate step to ensure all major participants in the student loan servicing...
  • November 27, 2013
    CFPB Releases Compliance Study Results In a blog post on Friday, November 22, 2013, the CFPB released the results of its case studies on regulatory compliance operations. The Bureau reviewed compliance costs at seven banks, ranging in size from less than $1 billion to more than $100 billion in assets, to determine direct impact of the rules on banks, to identify burdens, and how costs affect...
  • November 22, 2013
    CFPB Issues Final Rule on TILA/RESPA Disclosures On Wednesday, November, 20, 2013, the CFPB issued final rules to simplify and consolidate certain Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures, including those provided to consumers within three days of receiving the mortgage application and those currently provided at the loan closing. The CFPB provided...
  • November 22, 2013
    The American Bankers Association, the Consumer Bankers Association, and the Mortgage Bankers Association are pleased to comment on the Consumer Financial Protection Bureau’s (“CFPB” or the “Bureau”) October 23, 2013 Interim Final Rule that amends certain mortgage servicing-related provisions in Regulation X and Regulation Z as well as the corresponding Commentary to these rules (collectively, the...

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