Fair & Responsible Banking

Fair lending principles are embraced by CBA members. Regulatory enforcement, however, is an increasingly complex area of compliance, and has become even more challenging with the intense search at the state and federal levels for 'predatory lending' practices. To encourage self-evaluation, CBA helped establish a privilege for self-testing for fair lending compliance. CBA also is responding to new fair lending guidelines and protecting banks from unnecessary and burdensome small business data collection.
  • May 15, 2015
    Democratic lawmakers say the Federal Communications Commission should not loosen an anti-spam law that prohibits companies from sending unsolicited text messages to people's mobile phones. “Consumers already believe they receive too many unwanted calls and texts,” 10 Democratic senators say in a letter sent this week to the FCC. Revising the Telephone Consumer Protection Act “could make matters...
  • May 15, 2015
    Banks and consumer groups are both eagerly awaiting an FCC decision about whether to loosen federal restrictions on robo-calling consumers. A $10.2 million settlement announced this week involving JPMorgan Chase brought the issue back to the forefront.
  • May 8, 2015
    TRID Update CFPB Director Richard Cordray sent this letter to Reps. Neugebauer and Luetkemeyer in response to their request to extend the TRID deadline. As we have said, though our members are working very hard to meet the August deadline, it is a colossal undertaking dependent on timely deliverables from outside vendors and significant testing and training. We will continue to urge the Director...
  • May 8, 2015
    TRID Bill On Friday, May 1, 2015, Steve Pearce (R-NM) and Brad Sherman (D-CA) introduced legislation, H.R. 2213 , which will provide a hold-harmless period through the end of the year following the August 1, 2015 effective date of the CFPB's TILA/RESPA Integrated Disclosures (TRID) regulation. CBA and other trade associations sent a letter supporting the legislation and outlining the challenges...
  • April 25, 2015
    We Rochesterians love our Yankees and Mets, our Finger Lakes Riesling and our Abbott's sundaes. But Bank of America, Citibank, Wells Fargo and other banking giants? Somewhat less so. Those global financial giants — Bank of America with assets of $471.5 billion and Citibank, part of $403 billion Citigroup, and their fingers into everything from savings accounts and credit cards to mortgages and...
  • March 31, 2015
    The Consumer Financial Protection Bureau has a 'moral obligation' to respond to a study that found its methodology to determine disparate impact in an auto lender's portfolio to be flawed, said Michael Benoit, partner at Hudson Cook LLP, during a CBA Live 2015 session last week.
  • March 13, 2015
    CFPB Holds Field Hearing on Arbitration On Tuesday, March 10, 2015, the CFPB held a public field hearing in Newark, N.J., to discuss the use of arbitration agreements in consumer financial products and services; Dong Hong, CBA's Vice President and Regulatory Counsel, served as a panelist at the hearing. In conjunction with the field hearing, the CFPB issued its report on mandatory pre-dispute...
  • February 27, 2015
    Regulators Release Guidance to Encourage Youth Savings Programs On Wednesday, February 25, 2015, the Financial Literacy Education Commission ( FLEC ) held a public meeting at the U.S. Department of Treasury in Washington, D.C., which focused on youth savings programs, and highlighted partnerships between the public and private sector to encourage strong financial skills in young people. The...
  • February 18, 2015
    February 18, 2015 The Hon. Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 Dear Director Cordray: The vehicle finance industry is committed to fair lending and equal treatment for every consumer. Illegal discrimination in any form is unacceptable, and we welcome the opportunity to work with the Consumer Financial Protection Bureau (CFPB or...
  • February 18, 2015
    A coalition representing auto lenders says a federal agency should admit it is wrong. The group in a letter to the Consumer Financial Protection Bureau asks it to address its alleged bias and error in an analysis it uses to determine whether disparate impact, or unintentional discrimination, exists in a lender’s portfolio. The coalition says the methodology is flawed, yet the bureau keeps relying...

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