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.
  • October 25, 2013
    CFPB Issues Remittance Exam Procedures On Tuesday, October 22, 2013, the CFPB announced the publication of exam procedures and a small entity guide for the remittance rules, which take effect on October 28, 2013. The CFPB also announced the launch of an eRegulations tool, a web-based version of the Bureau’s rules. Regulation E, including the remittance rule, is the first regulation to be included...
  • October 18, 2013
    CFPB Issues Bulletin, Interim Rules to Clarify Mortgage Servicing Requirements On Tuesday, October 15, 2013, the CFPB released a bulletin and interim final rule providing additional guidance on the mortgage servicing rules issued in January. The guidance addresses several issues, such as communications with family members of deceased barrowers, contact with delinquent borrowers, and the treatment...
  • October 18, 2013
    Shutdown Ends, Debt Default Averted This week, Congress finally came to its senses and funded the government and raised the debt ceiling. This has done untold damage to consumer borrowing and confidence. October’s numbers will tell the whole story. This all may be a repeat come January when government funding runs out again, and February when the debt limit is reached. Banks Step Up During the...
  • October 16, 2013
    Washington, D.C. (October 16, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, released the following statement after the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released his annual report : “CBA and its members involved in the private student loan market remain committed to working with the CFPB to make the private student loan market...
  • October 11, 2013
    CFPB to Leave Lawyers behind During Examinations On October 9, 2013, CFPB Director Richard Cordray announced to the Bureau that it would stop bringing enforcement lawyers to regular examinations of financial institutions. First reported by the Wall Street Journal , this is an issue which CBA has been adamant in trying to change. We applaud this decision as this should lead to a better dialogue...
  • October 11, 2013
    Enforcement Attorneys Will Not be Present at CFPB Examinations On Wednesday, October 9, 2013, The Wall Street Journal reported that the Consumer Financial Protection Bureau (CFPB) indicated it is changing its policy regarding enforcement attorney involvement in the examination process. Beginning November 1, 2013, CFPB enforcement attorneys will no longer be present at examinations. Industry...
  • October 4, 2013
    We are thankful that yesterday’s incident at the Capitol was isolated, and that our first responders reacted quickly to ensure the safety of bystanders. Government Student Lending Default Rate Increases As the federal government's share in the marketplace has grown to 93% of all new originations, the Department of Education revealed this week federal loans now have a 14.7% three year default rate...
  • October 4, 2013
    CFPB Releases Second Annual CARD Act Report On Wednesday, October 2, 2013, the CFPB issued a report on the effects the Credit Card Accountability Responsibility and Disclosure (CARD) Act has had on the consumer credit card market. The report details how the Act has reduced penalty fees and made the cost of credit cards clearer to consumers. The report found the total cost of credit declined by...

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