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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.
- November 20, 2013November 15, 2013CFPB Examining Credit Card Rewards The CFPB is looking to make business more difficult for banks and consumers. They are expanding their reach by looking into credit card rewards programs. This is an area where oversight currently does not exist and the logic for the greater scrutiny is because rewards programs are the top reason why a consumer selects a particular card. Regulation in this area...October 4, 2013CFPB Releases Second Annual CARD Act Report On Wednesday, October 2, 2013, the CFPB issued a report on the effects the Credit Card Accountability Responsibility and Disclosure (CARD) Act has had on the consumer credit card market. The report details how the Act has reduced penalty fees and made the cost of credit cards clearer to consumers. The report found the total cost of credit declined by...September 27, 2013Bipartisan Policy Center Releases Report Analyzing CFPB’s Progress On Tuesday, September 24, 2013, the Bipartisan Policy Center, a DC-based think tank, released a report entitled , “The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency.” The report reviews the CFPB’s progress since its inception two years ago, providing recommendations for improvements. It covers the...September 20, 2013CFPB Finalizes Additional Changes to Mortgage Rules On Friday, September 13, 2013, the CFPB finalized several amendments to the mortgage lending and servicing rules released earlier this year. The Bureau announced the proposed amendments in June in response to questions and suggestions from industry participants. The rules go into effect in January of 2014. The amendments are as follows:...August 2, 2013Federal Court Vacates Fed’s Debit Interchange Rule On Wednesday, July 31, 2013, a U.S. District Court judge struck down the Federal Reserve Board's rules on interchange fees for debit card transactions, in place since late 2011. U.S. District Judge Richard Leon ruled the Board overstepped its discretionary authority to set a 21-cent cap on debit card transactions. The rule, which has been in...June 7, 2013CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...May 10, 2013CFPB Student Debt Report On Wednesday, May 8, 2013, the CFPB issued a report on “Student Loan Affordability: Analysis of Public Input on Impact and Solutions.” The report summarized input from the public about the challenges student loan debt presents and the wide-ranging impact it has on the financial lives of consumers including housing, small business development, retirement savings and rural...May 5, 2013May 3, 2013CFPB Issues Final Remittance Rule On Tuesday, April 30, 2013, the CFPB finalized (again) its rule on international money transfers (remittances). This finalized rule is intended to preserve new consumer protections while facilitating industry’s compliance with the rule. The rule will take effect October 28, 2013. Director Cordray remarked , “We are dedicated to protecting consumers who send money...