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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.
- September 5, 2014CFPB Eyes Credit Card Interest Rate Promotions On Wednesday, September 3, 2014, the CFPB issued a bulletin cautioning credit card issuers on interest rate promotions to consumers. "Credit card offers that lure in consumers and hit them with surprise charges are against the law," said CFPB Director Richard Cordray, alluding to marketing practices by credit card companies when providing "grace...
- August 29, 2014CFPB to hold Auto Finance Field Hearing On Thursday, August 28, 2014, the CFPB announced it will host a field hearing focused on auto finance on Thursday, September 18, 2014, in Indianapolis, IN. CFPB Director Richard Cordray will make remarks, and consumer groups, industry representatives, and members of the public will also participate. The hearing is open to the public, but RSVP is required...
- August 28, 2014Washington, D.C. (August 28, 2014) – The Consumer Bankers Association (CBA) and AOL Inc. (AOL) monthly Finance Optimism Index dropped back into negative territory to -3.0 for July 2014. The drop in July of 6.8 points follows the first positive results for the index since January 2014. Contributing factors to this decline include turmoil across the globe, increased concerned about personal...
- August 22, 2014Helping the Under-banked by Repealing the Durbin Amendment An opinion piece recently penned by Todd Zywicki, Geoff Manne, and Julian Morris in Forbes , drills down on what many in our industry knew when we learned of the Durbin Amendment: it would be the death of the free checking account. One study by economist Richard J. Sullivan of the Kansas City Federal Reserve Bank cited in their piece...
- August 15, 2014Is $20 Billion the New $10 Billion? The retail banking industry is very familiar with banks taking steps not to pass the $10 billion asset mark in order to avoid the associated massive regulatory and compliance costs. Consider Cathy Nash who sold Citizens Republic Bancorp when it reached $9.7 billion in assets to FirstMerit in 2012. Now there is another reason – the cut in interchange fees. The...
- August 6, 2014August 1, 2014CBA Testifies Before Senate Banking Committee This week, I testified before the U.S. Senate Banking Committee on the state of the private student loan industry and campus financial products. This was an opportunity to demonstrate the excellent performance and repayment metrics of private student loans. Compared with federal loans, which have a 15% default rate, private loans are getting it right...August 1, 2014CFPB Releases Overdraft Data Point On Thursday, July 31, 2014, the CFPB released a long-awaited report entitled: “Data Point: Checking Account Overdraft,” which provided statistics on the usage of overdraft products. The report is not final and does not make express policy recommendations. The CFPB is expected to release more overdraft reports prior to a proposed rulemaking. Key findings from the...July 29, 2014Bank of the West’s Vaidya Wins Tem Wooldridge Award for Outstanding Academic Performance, Integrity and Work Ethic Washington, D.C. (July 29, 2014) – The CBA/BAI Graduate School of Retail Bank Management (GSRBM) congratulates the 78 members of the Class of 2014, and is proud to announce this year’s honors students as well as the Tem Wooldridge Award to the top student. GSRBM, now marking its 62nd...July 24, 2014Washington, D.C. (July 24, 2014) – The Consumer Bankers Association (CBA) and AOL Inc. (AOL) monthly Finance Optimism Index has found American’s optimism turned positive for the first time in 6 months. The optimism level for June 2014 was a positive 3.8, with 51.9 percent of Americans feeling optimistic. Survey respondents reported the news they have been hearing about American’s finances has...