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CBA supports the principles of customer choice, transparency, and fairness in deposit account partnerships. Recently-enacted federal regulation has afforded consumers greater protection via detailed disclosures. Absent substantial evidence that this regulation is failing or falling short of its intended purpose, CBA believes further incremental changes to the rules governing overdraft protection will only add logistical complexity and increased consumer confusion without corresponding benefits. CBA believes coordination among the federal banking regulators will lead to more regulatory certainty for financial institutions and greater clarity for consumers.
- July 26, 2013Senate Hearing on DAP The Senate Special Committee on Aging held a hearing this week on short-term liquidity products with a focus on senior citizen customers. I served as a witness, along with representatives from consumer groups and the CFPB, and fielded questions on the difference between the deposit advance products (DAP) our banks offer and the more expensive payday loans available from...
- July 26, 2013CBA Files Comment Letter on Mortgage Rules On Monday, July 22, 2013, CBA filed a comment letter with the CFPB concerning the agency’s proposed clarifications and revisions of the mortgage rules issued in January. Specifically, the CFPB’s proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures under the servicing rules; (2) amounts counted as mortgage...
- June 24, 2013June 24, 2013June 14, 2013CFPB Releases Initial Findings on Overdraft and Non-sufficient Funds On Tuesday, June 11, 2013, the CFPB released a report entitled “ CFPB Study of Overdraft programs – A white paper of initial data findings .” As referenced in the white paper, the CFPB intends to refine its inquiry in to overdraft services based on the findings in this first report. A follow up report is expected in late 2013/...June 12, 2013June 11, 2013Washington, D.C. (June 11, 2013) – The CFPB ought not adopt any policy that drives America’s families to unregulated industries with riskier and costlier alternatives. Consumers have the right to choose the products and features which best provide for their family’s daily financial needs. Fortunately, the marketplace for checking accounts is extremely competitive and banks make every effort to...