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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.
- March 10, 2020CBA Recommendations for CFPB Semi-Annual Report WASHINGTON – The Consumer Bankers Association wrote the Senate Banking, Housing and Urban Affairs Committee in advance of the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress. CBA’s letter offers legislative and regulatory reforms to help ensure consumers continue to have access to highly regulated financial products. “Improving...
- March 9, 2020Defenders and detractors alike have debated the constitutionality of the Consumer Financial Protection Bureau for years. Now, nearly a decade later, the U.S. Supreme Court is set to answer the question once and for all with a ruling in Seila Law vs. CFPB. Some legal scholars speculate the Supreme Court will make the director fireable “at will” instead of “for cause,” as Justice Brett Kavanaugh...
- March 9, 2020March 9, 2020 The Honorable Mike Crapo Chairman Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (CBA) submits the...
- March 3, 2020CBA Statement on Supreme Court Oral Arguments A copy of CBA’s amicus brief is available here. WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after attending oral arguments at the U.S. Supreme Court in Seila Law LLC vs. Consumer Financial Protection Bureau: “For close to a decade the Bureau’s single-director structure has created regulatory...
- February 6, 2020CBA Letter of CFPB Semi-Annual Testimony WASHINGTON – The Consumer Bankers Association wrote the House Financial Services Committee in advance of the Consumer Financial Protection Bureau’s semi-annual report to Congress. In the letter, CBA makes several legislative and regulatory recommendations to ensure consumers continue having access to highly-regulated financial products. “It has been 10...
- February 5, 2020On Wednesday, February 5, the Consumer Financial Protection Bureau announced a proposed settlement with Think Finance, LLC , and six subsidiaries to resolve a CFPB lawsuit from November, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in connection with the illegal collection of loans that were void in whole or in part under...February 3, 2020CBA Statement on Ed, CFPB Memorandum WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Department of Education and Consumer Financial Protection Bureau issued a Memorandum of Understanding related to the sharing of complaint data for federal student loans: “This is a positive step by the Department of Education and CFPB to help all...February 3, 2020On Monday, February 3, 2020, the Bureau and the U.S. Department of Education ED announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers...January 24, 2020CBA Statement on CFPB’s UDAAP Announcement WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau provided a framework for how the Bureau will apply the “abusiveness” standard in supervision and enforcement matters: “Defining the CFPB’s interpretation of its UDAAP authority will assist consumers as...January 22, 2020To Whom It May Concern: The Clearing House Payments Company LLC (“TCH”), the American Bankers Association, the Consumer Bankers Association, and the Bankers Association for Finance and Trade (collectively, the “Associations”) respectfully submit this comment in response to the Consumer Financial Protection Bureau’s (“Bureau”) Notice of Proposed Rulemaking—Remittance Transfers under the Electronic...