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.
  • January 10, 2020
    On, Friday, January 10, 2020, the CFPB granted a no-action letter (NAL) to Bank of America regarding the bank’s funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development (HUD). The more than 1,600 HUD-certified HCAs serve more than one million households annually. They offer pre-purchase homeownership counseling to potential borrowers...
  • January 2, 2020
    The Consumer Bankers Association has pushed for a compromise that would protect the CFPB head from presidential firings but have the director answer to a bipartisan commission to oversee the agency. “If the Court determines the Bureau’s single-director structure is unconstitutional (and assuming the Court cannot itself create the bipartisan commission Congress would have desired), the appropriate...
  • December 17, 2019
    Several amicus briefs, including those from the Consumer Bankers Association and the Credit Union National Association , argued that if the Supreme Court decides the CFPB’s structure is unconstitutional, it must strike down all of the Dodd-Frank provisions creating the bureau. Both groups, whose members are regulated by the CFPB, argued, like Seila, that it’s up to Congress to decide how to...
  • December 17, 2019
    BRIEF FOR AMICUS CURIAE CONSUMER BANKERS ASSOCIATION IN SUPPORT OF NEITHER PARTY INTEREST OF AMICUS CURIAE The Consumer Bankers Association (“CBA”) is the only member-driven trade association focused exclusively on retail banking. CBA members operate in all 50 states, serve more than 150 million Americans, and hold two thirds of the country’s total depository assets. Eighty-five percent of CBA’s...
  • December 16, 2019
    CBA Files Amicus Brief in CFPB Constitutionality Case WASHINGTON – The Consumer Bankers Association (CBA) today filed an amicus brief with the U.S. Supreme Court in the Seila Law LLC v. Consumer Financial Protection Bureau case. CBA’s brief argues, if the CFPB leadership structure is ruled unconstitutional, Congress should be allowed to create a constitutional structure, such as a bipartisan...
  • December 3, 2019
    On Tuesday, December 3, 2019, the CFPB issued a Notice of Proposed Rulemaking (NPRM) related to the Remittance Rule (Rule). Under the current Rule, companies that provide remittance transfers in the normal course of business are required to disclose to consumers the fees and exchange rates applied to transfers. The Rule also allows banks to estimate certain fee and exchange rate information...
  • November 20, 2019
    On Wednesday, November 20, 2019, the Bureau released a Request for Information (RFI) asking for feedback on Integrated Mortgage Disclosures Under the Real Estate Procedures Act and the Truth In Lending Act, as well as certain amendments in accordance with Section 1022(d) of Dodd-Frank. Under the RFI, the Bureau asks for comment on its plan to asses the rule as well as recommendations that may be...
  • October 30, 2019
    On Wednesday, October 30, 2019, the CFPB, in coordination with the Minnesota Attorney General, North Carolina Department of Justice, and the Los Angeles City Attorney, announced an action to stop alleged unlawful conduct by several related student-loan debt-relief companies. The Bureau alleges that since at least 2015, the debt-relief companies operated as a common enterprise and deceived...
  • October 18, 2019
    CBA on Supreme Court Hearing CFPB Constitutionality Case “Regardless of the outcome, a sole-director calling all the shots will never provide the long-term stability consumers deserve and the well-regulated financial sector needs. For that, Congress must create a bipartisan, Senate-confirmed commission to lead the Bureau…” WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt...
  • October 16, 2019
    CBA Recommends Legislative, Regulatory Changes to Improve CFPB, Consumer Protections WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt wrote the chairs and ranking members of the House Financial Services and Senate Banking committees related to hearings on the Consumer Financial Protection Bureau’s semi-annual report to Congress. In the letter, CBA recommends ways to...

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