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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.
- May 29, 2019On Wednesday, May 29, 2019, the CFPB announced a settlement with BSI Financial Services, a mortgage servicer, for violations of the Real Estate Settlement Procedures Act and TILA. The Bureau found BSI violated the acts by: Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending...May 24, 2019Fifth Third Bank recently revealed a fresh, hip design for its next-generation branch, to be used in all of its new, relocated or remodeled branch locations. The first next-generation branch opened last week inside the new Kroger Store in Green Township, Ohio. Say goodbye to teller lines and windows, say hello to informal meeting spaces and couches! Cajun Thoughts: CFPB APPOINTS PERMANENT DEPUTY...May 23, 2019In advance of the House of Representatives’ consideration of the Consumer First Act (H.R. 1500), the Consumer Bankers Association wrote Members of Congress discussing provisions in the legislation. CBA and other financial services trade associations also wrote a letter addressing an amendment being offered by Rep. Al Green (D-Texas) to reverse Congress’s previous vote to overturn the CFPB’s...May 23, 2019On Thursday, May 23, 2019, the CFPB issued a press release about significantly expanding its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management ( MIMM.gov ) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training. The CFPB...May 21, 2019May 21, 2019 Dear Members of Congress: The Consumer Bankers Association (CBA) submits the following comments on H.R. 1500, the Consumer First Act and select proposed amendments. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million...May 21, 2019May 21, 2019 Dear Members of Congress: The undersigned trade associations representing thousands of banks, credit unions, and financial institutions of all sizes that serve America’s consumers write to express our opposition to the Green Amendment (#29) to H.R. 1500. The amendment would reinstate the Consumer Financial Protection Bureau’s (CFPB) rule on arbitration agreements which Congress voted...May 20, 2019CFPB Debt Collection Town Hall Event: Following the CFPB ’s release of the debt collection proposal, Director Kathy Kraninger spoke at a town hall event, and CBA was there. Director Kraninger highlighted the need to address developing communication channels we use today. She noted the debt collection rulemaking process takes into account much effort and collaboration with stakeholders. CBA has...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...May 15, 2019The Honorable Kathleen Kraninger Director Consumer Financial Protection Bureau 1700 G Street, NW Washington, D.C., 20552 RE: Proposed Rule - Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule - Docket No. CFPB-2019-0006 Dear Director Kraninger: The Consumer Bankers Association (“CBA”) appreciates the opportunity to provide our comments in response to the Consumer Financial...