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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.
- October 15, 2019On Tuesday, October 15, 2019, the Bureau Private Education Loan Ombudsman issued the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints. The report also...October 11, 2019On Friday, October 11, 2019, the Bureau announced that it will establish a taskforce to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for ways to improve and...October 10, 2019CBA Writes House Leadership on CFPB Constitutionality Case, Need for Bipartisan Commission “The potential of a court ruling that could install a director, removeable at-will, would bring increased confusion … A lack of certainty and long-term consistency in leadership at the Bureau adversely affects consumers, our economy and the financial services industry.” WASHINGTON – The Consumer Bankers...October 10, 2019On Thursday, October 10, 2019, the Bureau issued a rule which finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements which...October 10, 2019CBA Statement on White House Executive Order on Guidance “Guidance can be a useful tool in clarifying complex rules and regulations but should not be used as a shortcut to implement new ones.” WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after President Donald Trump signed an Executive Order on the use of regulatory guidance: “Guidance...October 3, 2019On Thursday, October 3, 2019, the CFPB announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC) and Academic Research Council (ARC). CBA is pleased to announce that CBA Member and nominee Tim Welsh, Vice Chairman, Consumer & Business Banking at U.S. Bank is among the new members. Acting Director...October 1, 2019On Tuesday, October 1, 2019, the CFPB and the South Carolina Department of Consumer Affairs issued a press release regarding a lawsuit filed in federal district court in the District of South Carolina against Katharine Snyder, Performance Arbitrage Company, Inc., and Life Funding Options, Inc. The companies, owned and operated by Snyder, brokered contracts offering high-interest credit to...September 30, 2019Credit reporting dispute volumes are on the rise. The CFPB has recorded a 134% increase in disputes over the last two years driven by inaccurate data, incomplete processing, and ineffective communication. How can you create a successful framework that lowers credit reporting disputes in your organization? This infographic shares what you can do to stem the rising tide of disputes. Access Content...September 25, 2019On Wednesday, September 25, 2019, the CFPB announced changes to its senior leadership team , appointing new executives in the office of Consumer Education & Engagement, Research, and Supervision, Enforcement, and Fair Lending. Bryan Schneider will serve as the Associate Director in the Supervision, Enforcement and Fair Lending Division (SEFL). Mr. Schneider most recently served as the...September 25, 2019On Wednesday, September 25, 2019, the Bureau filed a lawsuit in the federal district court in the District of Maryland against FCO Holding, Inc. and its subsidiaries. The entities are Maryland-based debt collectors that operate collectively under the name Fair Collections & Outsourcing and FCO. Also named in the Bureau’s lawsuit is Michael E. Sobota, the chief executive officer, president,...