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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 18, 2019CBA Statement on CFPB Complaint Database Changes WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau announced planned changes to the Bureau’s complaint database: “For too long, the Bureau’s unverified compliant database has functioned to paint a picture of guilt through government press...
- September 18, 2019Director Kathleen L. Kraninger Office of the Executive Secretary Consumer Financial Protection Bureau 1275 First Street, NE Washington, DC 20002 Email: 2019-NPRM-DebtCollection@cfpb.gov Re: Comments in Response to the Notice of Proposed Rulemaking under Regulation F Docket No. CFPB-2019-0022 Director Kraninger, This letter is submitted by the Consumer Bankers Association (“CBA”) in response to...
- September 17, 2019CBA Statement on CFPB Reversing Constitutionality Defense WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Consumer Financial Protection Bureau Director Kathy Kraninger informed congressional leaders the Bureau will no longer defend the constitutionality of its leadership structure: “Constitutional or not, Congress can end this...
- September 10, 2019CBA Statement on CFPB Updates to No-Action Letter Policy, Trial Disclosure Policy, & Compliance Assistance Sandbox WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Consumer Financial Protection Bureau’s new No-Action Letter (NAL), Trial Disclosure and Compliance Assistance Sandbox policies designed to facilitate compliance and...
- August 16, 2019CBA Statement on CFPB Education Loan Ombudsman WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau announced the appointment Robert G. Cameron as its new Private Education Loan Ombudsman: “We are glad Director Kraninger has filled this role and believe it should remain separate from the Office of...
- July 25, 2019On Thursday, July 25, 2019, the CFPB and the New York Attorney General filed proposed settlements with multiple debt collection groups for violations of the FDCPA. The Bureau and the New York Attorney General alleged that since at least 2009, the debt collection companies together purchased millions of dollars’ worth of consumer debt, inflated those consumer debts, and relied on illegal tactics...July 22, 2019On Monday the Bureau, FTC, and 48 states announced a settlement with Equifax that will provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal district court in the Northern District of Georgia, the Bureau alleges that Equifax engaged in unfair and deceptive practices in connection with the 2017 data breach of Equifax’s systems...July 9, 2019On Tuesday, July 9, 2019, the CFPB settled its lawsuit against Freedom Debt Relief, LLC , the nation’s largest debt-settlement services provider. The Bureau’s lawsuit alleged that Freedom Debt Relief violated the Telemarketing Sales Rule by charging advance fees and failing to inform consumers of their rights to funds they deposited with the company. The Bureau also alleged that Freedom Debt...June 5, 2019On Wednesday, June 5, 2019, the CFPB announced a settlement with Freedom Mortgage Corporation for violations of HMDA and Regulation C. Freedom is one of the nation’s largest reporters, and reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. For example, certain loan officers were told by...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...