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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.
- January 28, 2013January 25, 2013January 25, 2013President Obama Re-Nominates Richard Cordray On Thursday, January 24, 2013 the President re-nominated Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). Cordray is currently the director pursuant to a controversial recess appointment in January 2012 after his nomination was held up in the Senate. His current term will expire in January 2014. If his nomination is...January 24, 2013Washington, D.C. (January 24, 2013) – On the same day the President is nominating a chair for a commission (the SEC), he also is nominating a sole director for the most powerful U.S. regulator ever created, the CFPB. For the past two years, the CFPB has been a political football in part due to its flawed structure. This is the perfect opportunity for Congress to replace a sole director with a...January 18, 2013CFPB Issues Mortgage Servicing Rules Nearly 300 members dialed joined CBA’s call on Monday, January 14, 2013, to discuss the impact of QM and to hear from K&L Gates and the CBA Advocacy team. With regard to QM, Director Cordray told me the 3% cap on mortgage broker compensation is a work in progress. While we appreciate the CFPB's efforts to date, we still have some concerns, outlined in our...January 18, 2013CFPB Issues Final Rules on Mortgage Servicing On Thursday, January 17, 2013, the CFPB issued its final rules on mortgage servicing, which are scheduled to take effect on January 10, 2014. The servicing rules were published in two notices amending Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act. CBA will hold an...