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CBA is committed to the goal of expanding financial education and improving consumers' understanding of the complexities of consumer financial services-whether in mortgages, credit cards, student loans, deposit products, or all the myriad ways in which consumers interact with financial services in this complex economy.
- 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...March 8, 2019Generally available consumer credit scoring models can provide great value to lenders in evaluating the risk of loan applicants. These models are designed to distill the predictive power of a large number of consumer factors into a single, easily understood score. While the credit scoring models work well in estimating default likelihood over time, all models eventually may need to be evaluated...October 23, 2018On Tuesday, October 23, 2018, the FDIC issued a press release regarding the results of the 2017 biennial National Survey of Unbanked and Underbanked Households claiming that for the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households. "The good news is that...July 9, 2018CBA Submits Comments on Bureau Financial Education Programs Working with the Department of Education and local groups, Bureau could promote financial literacy as early as preschool Washington, D.C. – The Consumer Bankers Association submitted comments to the Bureau of Consumer Financial Protection’s request for information on its financial education programs. To complement the work already being...July 9, 2018On Monday, July 9, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information on its financial education programs. To complement the work already being done by banks, CBA recommended the Bureau partner with community organizations, like churches and youth centers, as well as the U.S. Department of Education to ensure financial literacy resources help...April 6, 2018CFPB UPDATE Acting CFPB Director Mulvaney Seeks Changes to Agency – In the CFPB’s semi-annual report released on Monday, Acting CFPB Director Mick Mulvaney called on Congress to establish “meaningful accountability” at the CFPB by enacting four key changes: Fund the Bureau through Congressional appropriations. [CBA Note: Currently, under Dodd-Frank, the CFPB receives its funding directly from the...February 12, 2018Consumer Financial Protection Bureau Attention: Office of Financial Education 1700 G Street NW Washington, D.C. 20552 Re: Request for Information Regarding Consumers’ Experience with Free Access to Credit Scores Docket No. CFPB-2017-0037 82 FR 52284 (November 13, 2017) Dear Sir or Madam, The American Bankers Association  and Consumer Bankers Association  (collectively, the Associations) are...January 17, 2018January 17, 2018 The Honorable Lamar Alexander The Honorable Patty Murray Chairman Ranking Member Committee on Health, Education, Committee on Health, Education Labor and Pensions Labor and Pensions United States Senate United States Senate 455 Dirksen Senate Office Building 154 Russell Senate Office Building Washington, DC 20510 Washington, DC 20510 Dear Senators Alexander and Murray: On behalf...October 6, 2017October 6, 2017 Office of Management and Budget New Executive Office Building Room 10235 Washington, DC 20503 RE: Docket No. CFPB-2017-0023; OMB Control Number: 3170-0064; Student Loan Servicing Market Monitoring Dear Sir or Madam, The Consumer Bankers Association (“CBA”)  appreciates the opportunity to comment on the proposed “Student Loan Servicing Market Monitoring” information collection...September 26, 2017On Tuesday, September 26, 2017, the CFPB released the results of a national survey on the financial well-being of American consumers, which shows more than 40% of adults struggle to make ends meet. The survey provides measurements on the financial well-being on various groups of consumers, in addition to the American population as a whole. In addition to the survey, the CFPB also released an...