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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.
- July 16, 2014July 16, 2014July 11, 2014CFPB Takes Action Against Payday Lender On Thursday, July 10, 2014, the CFPB took enforcement action against a large payday lender, ACE Cash Express, for allegedly pushing payday borrowers into a cycle of debt. The CFPB found ACE, headquartered in Irving, TX, used illegal debt collection tactics, including harassment and false threats of lawsuits or criminal prosecution, to pressure overdue...July 1, 2014GSRBM Freshman Class Includes 110 Bankers from 32 Institutions Provides Bankers the Knowledge to Succeed in today’s Retail Banking Environment Washington, D.C. (July 1, 2014) – Today, the CBA/BAI Graduate School of Retail Bank Management (GSRBM) announced 110 students from 32 leading financial services companies have been accepted as members of this year’s freshman class. GSRBM takes place July...June 27, 2014CFPB Orders GE Capital to Pay $225 Million to Consumers On Thursday, June 19, 2014, the CFPB ordered GE Capital, now known as Synchrony Bank, to pay $225 million to consumers who were “harmed by illegal and discriminatory credit card practices.” The Bureau allocated $56 million to approximately 638,000 consumers who were “subjected to deceptive marketing practices,” and $169 million to roughly...June 26, 2014Americans’ Finance Optimism Sees Slight Uptick in May Consumers Report Hearing More Positive Personal Finance News Washington, D.C. (June 26, 2014) – The Consumer Bankers Association (CBA) and AOL Inc. (AOL) monthly Finance Optimism Index has found Americans’ finance optimism improved slightly in May to -4.0, an improvement of +0.8 from April. Together with the CBA, AOL has been conducting...June 20, 2014OIG of the Federal Reserve Board and CFPB issues Work Plan On Monday, June 16, 2014 the Office of the Inspector General (OIG) of the Federal Reserve Board and CFPB issued a Work Plan outlining audits and evaluations it is conducting or plans to conduct in the near future. The following is a list of the items relevant to the CFPB, divided into Ongoing Projects and Planned Projects. CFPB: Ongoing...June 13, 2014Cordray: Prepaid Rule Delayed CFPB Director Richard Cordray stated during a Senate Banking Committee hearing on Tuesday, June 10, 2014, the CFPB will not issue a proposal for new rules on prepaid cards until the end of this summer. We had been expecting the announcement of new rules as early as this week. “It's a very high priority for us right now. It doesn't indicate any particular problem...June 13, 2014CBA Comments on Remittance On Friday, June 6, 2014, CBA and other trades filed a comment letter with the CFPB in response to the agency’s proposal to revise the regulation to implement Section 1073 of the Dodd-Frank Act, which created new requirements for remittance transfers. The CFPB proposed to institute a five-year extension on a temporary provision allowing federally insured financial...June 10, 2014June 10, 2014 Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA)1 commends you for your work on a number of legislative proposals that will make the Consumer Financial Protection Bureau (CFPB) more accessible, and ultimately better for consumers. Increased transparency from the Bureau and greater opportunities for public input are laudable goals. The bills...