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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.
- February 10, 2016Nearly eight years after the financial crisis, instances of misconduct across the spectrum of the industry continue to be reported in the press with troubling frequency. The coverage strikes an uncomfortable contrast with the intensity of effort the industry and the regulators have focused on reforming and remediating the weaknesses the crisis brought to light. Overall, this environment has...
- January 12, 2016On Tuesday, January 12, 2016, the CFPB issued a guide, accompanied by a blog post, on retirement payout options for a private-sector plan. Through a series of six questions, the guide aims to help those nearing retirement to determine whether to choose a lump-sum payout or monthly payments of their pension. The questions address the circumstantial benefits and shortfalls of each option. The guide...December 18, 2015CFPB Takes Action against Auto Dealer On Thursday, December 17, 2016, the CFPB announced action against CarHop, one of the country's biggest "buy-here, pay-here" auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for allegedly providing damaging, inaccurate consumer information to credit reporting companies. The parties also allegedly failed to provide accurate...December 10, 2015KARMA? The FEC complaints are flying. Yesterday, Charlie Spies, the lawyer for PACs supporting Jeb Bush, accused Donald Trump of improperly using his corporate lawyer to threaten to sue campaign opponents. (And he did it with style, suggesting Trump's lawyer might know a lot about reality-show contracts and bankruptcy filings but wasn't up to the task of election law.) A Trump spokeswoman said it...December 4, 2015Bureau Releases CARD Act Report On Thursday, December 3, 2015, the CFPB released its biyearly report on the effects of Credit Card, Accountability, Responsibility and Disclosure (CARD) Act on consumer credit. Signed into law in May of 2009, the Bureau assumed authority for the Act in July 2011. The law directs the CFPB to regularly review the credit card market and the impact of the law's rules...December 2, 2015Target Corp. will pay about $39 million to banks and credit unions to resolve losses from a 2013 holiday-season data breach, as retailers and financial institutions continue to grapple with the costs of major hacker attacks. Financial institutions sued the Minneapolis-based retailer to recover an estimated $200 million in losses stemming from the hack, in which as many as 40 million payment cards...November 16, 2015A familiar fight is brewing on Capitol Hill over a yearend budget deal, as questions loom around whether Dodd-Frank changes will be included in the final package.November 10, 2015Washington, D.C. (November 10, 2015) – In honor of the service and sacrifice our nation’s active duty service members, veterans and their families, the retail banking industry has committed to a number of programs to help them as they continue their missions or transition to civilian life. These programs include job training and hiring, small business funding, affordable housing, and financial...November 10, 2015Millennials are increasingly shunning big banks and going local with their money. Community banks won with younger customers last year, netting a 5 percent increase in account holders ages 18 to 34, while credit unions recorded a 3 percent gain, according to data compiled by Accenture Plc. By comparison, large national and regional banks struggled to retain millennial clients -- losing 16 percent...November 6, 2015CBA Comments on CFPB Overdraft Survey On Tuesday, November 3, 2015, CBA filed a comment letter in response to the CFPB's request to the Office of Management and Budget to conduct a survey as part of its study of overdraft protection services. On September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. This first...