CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • October 25, 2017
    Republicans have handed US banks one of their biggest wins of the Trump era, striking down an Obama-era rule that would make it easier for consumers to sue them over wrongdoing. Mike Pence, US vice-president, stepped in late on Tuesday to deliver the killer blow in the effort to scrap the rule, securing a landmark victory for Republicans in their campaign to undo regulations perceived to be anti-...
  • October 25, 2017
    WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection...
  • October 24, 2017
    WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection...
  • October 23, 2017
    The Consumer Financial Protection Bureau ’s arbitration rule is once again under fire – this time from the U.S. Department of the Treasury . This new rule would ban companies from using mandatory arbitration clauses, allowing consumers to participate in class-action lawsuits. However, it has been met with strong resistance from every front. The latest attack comes from a new report from the...
  • October 12, 2017
    In the rule it unveiled last week , the agency sent a mixed message on that question. The CFPB effectively banned one type of bank loan: deposit-advance products, which were common before banks largely abandoned them due to 2013 guidelines issued by banking regulators. But the CFPB also exempted many small lenders from a core requirement of the rule—having to verify that borrowers can repay the...
  • October 11, 2017
    CBA President and CEO Richard Hunt ahead of Wednesday’s mark-up: “Designating risk based on how big a financial institution is does not make sense and it hurts consumers. Allowing regulators to take a big-picture view of risk by looking at the activities a financial institution undertakes instead of a simple assets threshold is more telling and can reduce unnecessary compliance burdens that limit...
  • October 5, 2017
    WASHINGTON (Reuters) - Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders’ ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country’s consumer financial watchdog. The Consumer Financial Protection Bureau (CFPB) released a regulation on Thursday requiring lenders to...
  • October 5, 2017
    The Consumer Financial Protection Bureau will require payday lenders to verify income and take other steps to protect borrowers, issuing a long-awaited rule that has become tangled in a tug of war over Director Richard Cordray’s future. The rule limits how often a lender can attempt to debit a borrower's account, a practice that can rack up bank fees. It also curbs lenders’ ability to advance...
  • October 5, 2017
    The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing expensive credit to cash-strapped borrowers do business. The Consumer Financial Protection Bureau regulations require that payday lenders determine upfront whether customers...
  • October 5, 2017
    Lenders that offer payday loans and other small advances to cash-strapped consumers must first determine if the borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday. The rule, adopted by the Consumer Financial Protection Bureau, also would curtail repeated attempts by the lenders to debit payments from borrowers’ bank accounts, a practice that racks up...

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