Comment Letters
May 19, 2022Director Chopra: The Consumer Bankers Association (CBA) applauds the decision by the Consumer Financial Protection Bureau (the Bureau) to utilize its dormant authority to examine nonbank financial companies (fintechs) that pose risks to consumers; however, CBA urges the Bureau to further protect consumers by adding markets in which unsupervised nonbanks hold a significant share – including the...
May 4, 2022Statement for the Record On behalf of the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, and National Association of Federally-Insured Credit Unions before the United States Senate Committee on the Judiciary On behalf of their thousands of card-issuing members, the American Bankers Association, Bank Policy Institute, Consumer...
May 2, 2022Dear Chairman Durbin and Ranking Member Grassley, We are writing to express our strong opposition to any expansion of the Durbin Amendment through either antitrust or any other body of law. The Durbin Amendment, passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, imposed a cap on interchange fees for covered banks and credit unions, defined as those with assets of...
April 26, 2022Dear Chairman Brown and Ranking Member Toomey: The Consumer Bankers Association (CBA) submits the following comments for the hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” We appreciate the Committee’s continued oversight of the Consumer Financial Protection Bureau (CFPB or Bureau) and its activities. CBA is the voice of the retail banking industry...
April 11, 2022Director Chopra, This letter is submitted by the Consumer Bankers Association (“CBA”) in response to the Consumer Financial Protection Bureau’s (“Bureau”) Request for Information (the “Request”) regarding fees imposed by providers of consumer financial products or services. CBA has several concerns with the Request’s portrayal of consumer finance markets. First, fee amounts and fee disclosures...
April 11, 2022April 11, 2022 Comment Intake—Fee Assessment Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 Docket No.: CFPB-2022-0003; Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services To Whom it May Concern: The undersigned financial services trade associations (the Associations) welcome the opportunity to submit this comment in...
March 30, 2022Dear Chairman Perlmutter and Ranking Member Luetkemeyer: The Consumer Bankers Association (CBA) submits this letter for the record for the hearing entitled “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions.” Overdraft is a safe and affordable form of immediate short-term liquidity used by millions of consumers to ensure they can continue to...
March 25, 2022Dear Director Chopra: The Consumer Bankers Association (CBA) 1 appreciates the opportunity to comment on the Consumer Financial Protection Bureau’s (CFPB or Bureau) request for comments on Buy-Now-Pay-Later (BNPL) in the United States. Not only are BNPL products very popular with consumers, but they can also play a positive role in consumers’ lives by making a purchase possible and extending...
March 17, 2022TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES: We, the undersigned associations, urge you to oppose H.R. 963, the “Forced Arbitration Injustice Repeal (FAIR) Act,” which would effectively ban arbitration provisions in private contracts. Federal law has protected arbitration as a means of resolving disputes between businesses, consumers, and employees since 1925. Should it become law, this...
Joint Trades Hill Letter on Central Bank Digital Currency