Media Releases
- December 14, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) in a letter today voiced its support for the Rectifying UDAAP Act, which would better define the Consumer Financial Protection Bureau’s (CFPB) unfair, deceptive, and abusive acts or practices (UDAAP) authority. The legislation was introduced this week by House Financial Services Committee Financial Institutions and Monetary Policy...
- December 13, 2023WASHINGTON, D.C. – As the Consumer Financial Protection Bureau (CFPB) prepares to release a proposed rule that could force banks into a one-size-fits-all approach to their highly-tailored overdraft products, it is critically important for policymakers to recognize the widespread overdraft reforms implemented by America’s leading banks over the last decade to meet evolving consumer demands. Here's...
- December 11, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) today released the third installment of its “ Facts Matter ” blog post series that highlights the concerning regularity with which the Consumer Financial Protection Bureau’s (CFPB) press releases differ from their actual data. In October, the CFPB released its sixth report on the credit card market, as required by the Credit Card...
- December 5, 2023WASHINGTON, D.C. – In recent years, America’s leading banks have unveiled a range of new overdraft products and policies to better meet the evolving demands of the consumers they serve. These bank-led innovations have bolstered a competitive marketplace and have already ushered in billions in consumer savings . Amidst this dramatic market evolution, the Consumer Financial Protection Bureau (CFPB...
- November 28, 2023The second installment of the Consumer Bankers Association’s (CBA) “Facts Matter” blog series explains how the Consumer Financial Protection Bureau’s (CFPB) public statements can mislead market observers by painting an inaccurate picture of the credit card marketplace. As CBA illustrates below, the CFPB’s CARD Act Report actually appears to show a different, richer, story about credit card fees,...
- November 27, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) today sent letters to the Senate Banking Committee and House Financial Services Committee ahead of the Consumer Financial Protection’s Bureau’s (CFPB) semi-annual report to Congress later this week outlining legislative and regulatory suggestions to lawmakers and the Bureau for the purpose of ensuring consumers continue to have access to...
- November 22, 2023WASHINGTON, D.C. – As the holiday season approaches, millions of Americans are preparing to travel, purchase gifts for friends and family members, and make charitable donations. America’s leading banks are working to support consumers during this time by providing the innovative financial tools they rely on to meet their financial needs, while simultaneously taking steps to bolster fraud and scam...
- November 20, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) last week hosted top industry experts and thought leaders at its 2023 Washington Forum to discuss what’s happening and what’s to come from regulators related to the Fair Credit Reporting Act, Section 1033, credit card late fees, and more. This year’s featured speakers included: Lindsey Johnson, President and CEO, CBA Kelvin Chen, Senior...
- November 16, 2023In passing the sweeping reforms of the credit card market under the 2009 Credit Card Accountability Responsibility and Disclosure (“CARD”) Act, Congress required that the Consumer Financial Protection Bureau (CFPB) publish a review of the state of the credit card market every two years. 1 This year’s Consumer Credit Card Market Report (“CARD Act Report”) published late last month, was accompanied...
- November 13, 2023NEW YORK, N.Y. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson this week participated in a panel discussion at the Reuters NEXT Conference on the health of the consumer, what’s next for the economy, and how the cumulative effect of current and expected regulatory proposals may impede banks’ ability to continue to deliver on their mission. The panel was moderated by Reuters...