CBA in the News
April 19, 2018WASHINGTON — The Consumer Bankers Association on Wednesday asked lawmakers to rein in regulations that were meant to prevent robocalls but that the group says have inadvertently captured legitimate calls, too. The letter, sent to the Senate Commerce Committee, was in response to a hearing Wednesday in which federal regulators testified on how to stop rampant illegal robocalling. Complaints about...
April 18, 2018The Senate voted Wednesday 51-47 to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers. The Congressional Review Act resolution passed with the support of a single Democrat, Sen. Joe Manchin of West Virginia, while some key Republicans, including Sen. John McCain of Arizona, missed the vote...
April 13, 2018We have all been there: an inopportune flat tire, a refrigerator on the fritz or a hefty medical cost arising out of the blue. These are just a few examples of unplanned, often-untimely emergency expenses that every family experiences at one point or another. Compounding these challenges, nearly half of American families do not have the necessary savings on hand to cover a $400 emergency expense...
April 11, 2018Mick Mulvaney, a longtime CFPB critic who has taken steps to overhaul the bureau since assuming his post in November, said moving to a bipartisan commission from a single director would prevent “wild swings” in rules and policies that accompany changes in administrations. “We need to have a more down-the-middle approach,” Mr. Mulvaney said while giving a semiannual report on the CFPB before the...
April 3, 2018The Trump administration kicked off plans to revamp lending rules in lower-income communities with a proposal that would make it easier for banks to comply with a decades-old law that has long confounded the industry. The Treasury Department, in a memo released Tuesday, said the 1977 Community Reinvestment Act hasn’t kept pace with the evolving banking sector. The law, which was passed to stop “...
April 3, 2018The Consumer Financial Protection Bureau released its annual report on Monday, and it includes four legislative policy recommendations that would erode the agency’s independence and make it more beholden to political institutions. First, Acting Director Mick Mulvaney is recommending that Congress appropriate the Bureau’s funding rather than the Federal Reserve. Second, he seeks legislative...
April 3, 2018WASHINGTON — In his first report to Congress as the acting director of the Consumer Financial Protection Bureau, Mick Mulvaney called on lawmakers on Monday to cripple the agency that he has been temporarily tasked with overseeing. Mr. Mulvaney, a longtime and unapologetic critic of the financial crisis-era bureau, has spent the last several months freezing its enforcement activities, dropping...
April 3, 2018WASHINGTON — Bank regulators are gearing up to modernize their policy on Community Reinvestment Act enforcement, but the CRA reform effort appeared to benefit from a jump-start Tuesday thanks to the Treasury Department. Industry representatives, analysts and consumer advocates all praised the Treasury report recommending a slew of CRA reforms that could serve as a jumping off point for regulators...
March 19, 2018(Bloomberg) -- An appeals court threw out part of a Federal Communications Commission regulation aimed at reducing automated telephone solicitations, weakening a 2015 effort to squelch the scourge of so-called robocalls. The rule was aimed at calls generated by auto-dialing devices. But its language was too broad, and could be construed to prohibit calls from any smartphone, the U.S. Court of...
March 19, 2018A bipartisan group of House members on Wednesday released a bill that would replace the director of the controversial Consumer Financial Protection Bureau (CFPB) with a five-person commission. The bill from Reps. Dennis Ross (R-Fla.), Kyrsten Sinema (D-Ariz.), Ann Wagner (R-Mo.) and David Scott (D-Ga.) would rename the CFPB and replace its director with a bipartisan panel. While the bill would...
