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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.
- September 7, 2018D.C. DOWNLOAD *CBA's thoughts and prayers are with our friends at Fifth Third Bank HQ, the Cincinnati community and all member banks impacted by this tragedy.* CBA Leadership Summit: I have a lot of “favorite times” of the year – CBA LIVE, Executive Banking School, in-person committee meetings… The list goes on. One of them is happening next week here at CBA HQ as the entire team gears up to host...
- September 6, 2018On Thursday, September 6, 2018, the Bureau of Consumer Financial Protection (Bureau) released its 17th edition of Supervisory Highlights . The report covers Bureau supervision activities generally completed between December 2017 and May 2018, and shares observations in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small...September 6, 2018On Friday, August 31, 2018, the Bureau of Consumer Financial Protection (Bureau) issued a press release regarding an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing...August 31, 2018On Monday, August 27, 2018, Bureau of Consumer Financial Protection Student Loan Ombudsman Seth Frotman resigned in a heated letter to Acting Director Mick Mulvaney. In his resignation, Frotman claimed the new administration’s policies were harming students and families and the Bureau has “abandoned its duty to fairly and robustly enforce the law.” Frotman also alleged the agency’s leadership “...August 31, 2018D.C. DOWNLOAD OCC’s CRA ANPR Proposal : Comptroller of the Currency Joseph Otting is a CEO at heart and he showed it this week when the OCC issued its ANPR on the Community Reinvestment Act. The OCC issued the ANPR unilaterally, but we expect the FDIC and possibly the Fed to join in on the reform efforts before all is said and done. CBA’s Community Reinvestment Committee of almost 50 member banks...August 24, 2018D.C. DOWNLOAD Kraninger Committee Vote : The Senate Banking Committee yesterday morning advanced Kathleen Kraninger’s nomination to run the Bureau of Consumer Financial Protection by a party line vote. The full Senate consideration of President Trump’s pick is expected sometime this fall, and will also likely break down along party lines. Following the vote, CBA released a statement encouraging “...August 23, 2018WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after the Senate Banking Committee voted to advance Kathleen Kraninger’s nomination to serve as the next fulltime director of the Bureau of Consumer Financial Protection: “We encourage the U.S. Senate to move swiftly to confirm Ms. Kraninger. It is imperative the Bureau has a fulltime...August 22, 2018On Wednesday, August 22, 2018, the Bureau released its latest quarterly consumer credit trends report , indicating one in five consumers has telecommunications-related collections on their credit report in the last five years. The report explored telecommunications-related debt and reporting to credit agencies nationwide. The Bureau outlined the prevalence and dollar value of telecom collections...August 17, 2018* This week's guest author is Nick Simpson, CBA's Vice President of Public Affairs D.C. DOWNLOAD & REGULATORY UPDATE Congressional Scheduling Update: August Recess is a time-honored tradition in D.C. as well as a great incentive for Congress to act on must-pass legislation – after all, in Washington the smell of jet fumes is a powerful tool for compromise. The House of Representatives is...August 10, 2018On Friday, August 10, 2018, the Bureau announced final amendments to implement legislation allowing financial institutions meeting certain requirements to be exempt from sending annual privacy notices to customers. In December of 2015, Congress amended the Gramm-Leach-Bliley Act (GLBA) as part of the Fixing America’s Surface Transportation Act (FAST Act). The amendment provided financial...