CBA in the News
August 28, 2018A national banking regulator took the first step Tuesday toward rewriting rules for lending in lower-income neighborhoods, an effort that could allow institutions to redirect billions of dollars spent on loans and investments. In a release seeking feedback from the public, the Office of the Comptroller of the Currency proposed new approaches to evaluating banks on their reinvestment activities. “...
August 28, 2018The Office of the Comptroller of the Currency kicked off a process Tuesday that could lead to an overhaul of regulations around bank lending in underserved areas. Consumer Bankers Association President Richard Hunt, whose organization has recommended CRA changes similar to Treasury’s, said Tuesday that Otting is to be “commended for his dedication to updating this important law. Banks have a...
August 9, 2018Bloomberg Law August 9, 2018 Banks May Need More Than Trump Push to Offer Small-Dollar Loans By Evan Weinberger It may take more than encouragement from the Trump administration for banks to re-enter the market for small-dollar loans after a five-year absence. Concerns over profitability and shifting political winds could keep banks on the sidelines even though the Treasury Department and the...
August 6, 2018Booker wants to bar banks from charging ‘unfair’ overdraft fees By Joe Hernandez August 6, 2018 In a move to end an “unfair” practice he said traps consumers in a “vicious cycle of poverty,” U.S. Sen. Cory Booker of New Jersey has introduced a bill that would prohibit banks from charging customers certain overdraft fees. When an account holders cut a check or swipes a debit card for a transaction...
July 12, 2018“Banks have long supported community financial education efforts and have provided free financial education tools through multiple channels to all consumers, regardless of a bank-customer relationship,” David Pommerehn, CBA vice president and associate general counsel, said. “Most importantly, CBA strongly urges the Bureau to focus more attention on youth-based education opportunities...
July 10, 2018On July 9, President Trump announced that U.S. Circuit Court of Appeals for the District of Columbia Judge Brett Kavanaugh would be his nominee to replace Justice Anthony Kennedy on the Supreme Court of the United States (SCOTUS). Ultimately, we expect Judge Kavanaugh to win confirmation and consequently cement a reliably conservative majority on the SCOTUS. We include below four brief...
June 27, 2018The Consumer Bankers Association (CBA) offered Monday feedback on requests for information regarding inherited regulations and new rulemaking authorities. The submission stems from the Consumer Financial Protection Bureau seeking input on the guidelines, with CBA focusing on the need for the Bureau to ensure rules reflect changes in technology and consumers bank methods. CBA also commented on...
June 21, 2018A federal district judge ruled Thursday that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution, countering a January ruling from a federal appeals court. Judge Loretta Preska of the Southern District of New York ruled that the CFPB’s creation as an independent agency with a director that could only be dismissed for wrongdoing was unconstitutional. In...
June 8, 2018FIRST LOOK: THE SEESAW CFPB — From Consumer Bankers Assoc. CEO Richard Hunt’s prepared testimony at Wednesday’s House Financial Services Committee hearing on the CFPB: “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions. “It was also given unprecedented rulemaking, supervision, and...
May 31, 2018The private student loan industry may soon get more favorable treatment on the government’s financial-aid website. Right now, the Department of Education’s Office of Federal Student Aid website presents private student loans as an option students should only consider after loans offered by the government. But the site could soon take a less-biased approach towards private loans, according to...
