CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • January 31, 2018
    A federal appeals court handed a major victory — and a significant defeat — to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions. The results were similarly mixed for other key players. On the one hand, the ruling, which says the president can only fire...
  • January 31, 2018
    A duo of bills passed in the U.S. House of Representatives on Monday (Jan. 29) that would curb financial abuse of senior citizens and also ease the way for consumers residing in rural areas to open their bank accounts via remote means. As reported on Tuesday (Jan. 30) in American Banker , the law targeting elder abuse , which was part of previously introduced legislation, titled the Senior Safe...
  • January 31, 2018
    A federal appeals court ruled Wednesday the Consumer Financial Protection Bureau's single-director structure is constitutional, reversing an earlier federal decision that the Obama-era agency fell afoul of the separation of powers. The full D.C. Circuit Court of Appeals ruled seven to three that the current structure of the agency, which allows for a single director who cannot be removed by the...
  • January 24, 2018
    POWELL REACT ROUND-UP — You'll notice a theme... banking trades are very happy to have a deregulatory minded team at the Fed now with Powell and Vice Chair for Supervision Randy Quarles ABA's Rob Nichols : "Chairman Powell has demonstrated his interest in reviewing and refining regulations to ensure they work to reinforce economic growth while preserving the important principles of prudential...
  • January 23, 2018
    There is a major question mark hanging over the Consumer Financial Protection Bureau’s (CFPB) final rule regulating lenders specializing in short-term, small-dollar loans. Once thought by some to be a safe bet to be voided via the Congressional Review Act, the bureau’s recent announcement that it will reconsider its rulemaking pertaining to payday lending and similar businesses could present an...
  • January 18, 2018
    While a consumer advocate in a note to SubPrime Auto Finance News called the action “an insane development,” industry representatives cheered the request by the acting director of the Consumer Financial Protection Bureau for evidence of the regulator’s effectiveness. On Wednesday, the bureau announced that it is issuing a call for evidence to ensure the CFPB is fulfilling its "proper and...
  • January 18, 2018
    The Consumer Financial Protection Bureau’s acting director, Mick Mulvaney, intensified his efforts this week to curb an agency he has denounced as a regulator run amok. His latest tactic: starve it of cash. The consumer bureau is funded directly by the Federal Reserve and sends the central bank a request each quarter for money for its operations. On Wednesday, Mr. Mulvaney sent a letter...
  • January 18, 2018
    Payday lenders may have just been cut some major slack . The Consumer Financial Protection Bureau, under new leadership, is now reconsidering an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers. The rule — implemented under former CFPB director Richard Cordray in November 2017 — set stricter conditions for short-term loan companies, requiring them to assess the...
  • January 17, 2018
    The Consumer Financial Protection Bureau will review its procedures for investigating financial firms as part of a top-to-bottom examination of agency functions ordered by acting Director Mick Mulvaney. The CFPB is seeking comment on its civil investigative demand (CID) procedures, which the financial services industry has criticized for being “unnecessarily burdensome” and not providing...
  • January 17, 2018
    The new leaders of the Consumer Financial Protection Bureau (CFPB) are taking the most significant step yet toward unwinding rules panned by the finance industry and the GOP. The CFPB announced this week that it would delay compliance with new regulatory rules for short-term, high-interest loans, commonly known as payday loans. The agency said it is considering how to roll back those rules. The...

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