CBA in the News
April 26, 2018Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, compared the agency’s public database of complaints to “a Yelp for financial services sponsored by the federal government.” Credit Tom Brenner/The New York Times Financial companies have worked to diminish the Consumer Financial Protection Bureau’s powers since the day the agency was created. Now, they’re on the brink of...
April 25, 2018The concept of storytelling often is viewed through a somewhat whimsical lens. However, in the context of Home Mortgage Disclosure Act (HMDA) compliance, it is viewed through in a much more serious light. A panel of industry insiders discussed what takeaways could be extrapolated from HMDA data about a company’s lending practices and how lenders can utilize the data they collect to navigate the...
April 24, 2018Consumer bankers are not against regulation, Richard Hunt insists. He makes the point just seconds into an interview at the Consumer Bankers Association offices off Franklin Square in downtown Washington, even before he’s being recorded. As the head of the group, he tries to emphasize that banks want some of the Obama administration's excess regulation reeled in, not complete elimination of rules...
April 24, 2018The acting director of the Consumer Financial Protection Bureau (CFPB) on Tuesday said he might remove a database of complaints to the agency from public view. Acting CFPB chief Mick Mulvaney said the bureau’s public consumer complaint database contained information not vetted by the agency that could be used unfairly against banks and lenders. “I don’t see anything in here that says I have to...
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...
