Legislative Activity

  • February 8, 2024
    In November 2023, the Federal Reserve Board proposed to further reduce debit interchange rates, which could lead to higher costs for consumers.In a recently-published white paper, Nick Bourke, the creator and former Executive Director of Pew Charitable Trusts’ Consumer Finance and Housing program, shows that the Federal Reserve Board’s proposed rule could increase consumers’ costs for checking...
  • February 8, 2024
    PART ONE: CBA Uses CFPB Data to Set Record Straight on CARD Act Report In passing the sweeping reforms of the credit card market under the 2009 Credit Card Accountability Responsibility and Disclosure (“CARD”) Act, Congress required that the Consumer Financial Protection Bureau (CFPB) publish a review of the state of the credit card market every two years. This year’s Consumer Credit Card Market...
  • February 8, 2024
    Regulation II A proposal that would make checking accounts more expensive by cutting debit revenue by a third On October 25, the Federal Reserve Board (the “Fed”) issued a rulemaking that would lower the maximum amount of interchange revenue that most debit card issuers can earn (the “Fee Cap”). This would be the first adjustment of the Fee Cap since it was introduced by a 2011 Fed rulemaking...
  • February 1, 2024
    WASHINGTON, D.C. – The Consumer Bankers Association (CBA) this week submitted a letter ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs’ hearing examining rising instances of fraud and scams, in which CBA highlights the most significant fraud threats facing consumers today and the leading role the banking industry has taken to identify and counter these threats to...
  • January 31, 2024
    Dear Chairman Brown and Ranking Member Scott: The Consumer Bankers Association (CBA) submits the following comments for the hearing titled “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” We appreciate the Committee’s attention to these issues. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of...
  • January 24, 2024
    Executive Summary The Durbin Amendment limits interchange fees that banks charge for processing merchant debit card transactions, requiring them to be “reasonable and proportional” to the card-issuing bank’s costs. The Federal Reserve Board enacted Regulation II in 2011 to enforce the Durbin Amendment. It set fee caps that reduced covered debit interchange fees by more than 40 percent. In...
  • January 24, 2024
    Click here for the full slide deck
  • January 16, 2024
    Director Chopra, One of the pillars of The Dodd-Frank Act created and granted the Consumer Financial Protection Bureau (CFPB) the authority to ensure responsible practices in consumer finance. This authority includes providing clear information for informed decisions, protecting against unfair practices, addressing unnecessary regulations, enforcing consistent financial laws, and promoting...
  • December 19, 2023
    Dear Senator Reed: The undersigned trade associations, representing financial institutions that serve hundreds of millions of American consumers, write in opposition to S. 3549, the “Predatory Lending Elimination Act” that would impose a limitation to fees and interest charged on consumer loans through an all-in national rate cap of 36 percent. Small dollar loans, credit cards, and other forms of...
  • December 18, 2023
    Dear Mr. Dodaro, I write to request that the Government Accountability Office (GAO) study the potential impacts of the Consumer Financial Protection Bureau’s (CFPB) Credit Card Penalty Fees proposed rule and review the adequacy of the CFPB’s analysis of those impacts. On February 1, 2023, the CFPB issued a notice of proposed rulemaking to limit the ability of companies to charge late fees...

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