Legislative Activity

  • 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...
  • December 14, 2023
    Dear Congressman Barr: On behalf of the Consumer Bankers Association (CBA), I write to express our support for H.R. 6789, the Rectifying UDAAP Act. Reforming the Consumer Financial Protection Bureau’s (CFPB or Bureau) unfair, deceptive, and abusive acts or practices (UDAAP) authority is critical for ensuring transparency by the Bureau and adherence to high regulatory standards for depository...
  • November 27, 2023
    Dear Chairman Brown and Ranking Member Scott: The Consumer Bankers Association (CBA) submits the following comments for the hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” We appreciate the committee’s continued oversight of the Consumer Financial Protection Bureau (CFPB or Bureau) and its activities. CBA is the voice of the retail banking industry...
  • November 27, 2023
    Dear Chairman McHenry and Ranking Member Waters: The Consumer Bankers Association (CBA) submits the following comments for the hearing entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” We appreciate the committee’s continued oversight of the Consumer Financial Protection Bureau (CFPB or Bureau) and its activities. CBA is the voice of the retail banking industry...
  • November 27, 2023
    Dear Director Chopra, We write to you with sincere concerns regarding the narrow compliance window for the Consumer Financial Protection Bureau’s implementation of Small Business Lending Data Collection under the Equal Credit Opportunity Act (ECOA), commonly known as the Section 1071 Rule, and to respectfully request that the Bureau extend the implementation period of this rule. Recently, the U.S...
  • September 27, 2023
    WASHINGTON, D.C. – In a new letter sent today, seven leading financial groups representing virtually all banks voiced their opposition to a proposal from Senator Jack Reed (D-R.I.) that would reduce access to credit within the well-regulated banking system through the imposition of a national fee and interest rate cap of 36 percent. As outlined in the letter, Sen. Reed’s proposal would actually...
  • September 26, 2023
    Dear Senators Reed and Merkley: The undersigned trade associations, representing financial institutions that serve hundreds of millions of American consumers, are united in opposition to proposals that would limit the fees and interest charged on consumer loans through a national fee and interest rate cap of 36 percent. Small dollar loans, credit cards, and other forms of short term credit are...
  • September 20, 2023
    Dear Senator Hawley: The undersigned trade associations, representing financial institutions that serve hundreds of millions of American consumers, are united in opposition to S. 2760, the Capping Credit Card Interest Rates Act and its consideration to be included as an amendment to the minibus appropriations bill currently being considered in the Senate. As not-for-profit credit unions,...
  • September 8, 2023
    Dear Chairman Williams and Ranking Member Velázquez: As the leading organizations representing virtually all the thousands of lenders participating in the U.S. Small Business Administration (SBA) 7(a) loan program, we write to strongly encourage you to work toward a bipartisan solution in response to issues arising from recent policy changes made to the 7(a) program by SBA, and to identify the...

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