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View from CBA November 8, 2013
Thank You to Our Nation’s Veterans and Their Families
As we approach Veteran’s Day, take a moment to thank those who have so honorably served our nation. Veterans, active-duty military, and their families have committed themselves to serving a nation we all love. Without their commitment to duty, the opportunities that we have here at home would be for naught. We are proud of the many initiatives our member banks have undertaken to support these brave individuals and their families as they have supported us.
On Thursday, November 7, 2013, POLITICO’s Ben White interviewed CFPB Director Cordrayby on the direction of the Bureau and his tenure. Cordray recognized that much of the statutorily mandated agenda of the CFPB has been fulfilled. He noted their agenda is now more discretionary, which is why their focus is now debt collection, indirect auto lending, and non-bank financial providers. Key factors in prioritizing the CFPB agenda are: consumer risk, consumer harm, and market scope.
Also, the CFPB announced this week they will begin accepting consumer complaints on payday lenders. This is the same database of unverified complaints the CFPB has been promoting. It is interesting Director Cordray, who describes himself as a law enforcement official, would throw unverified complaints around in the court of public opinion when they would never be allowed in a court of law. This latest move shows the CFPB will continue to go after any all providers of financial products.
Committee and Member Meetings
CBA’s Lawyers Committee met this week at our world headquarters in Washington, D.C. A number of issues were on the agenda including prepaid cards, fair lending, and debit interchange litigation. We were glad to have Will Wade-Gery of the CFPB give remarks to the Committee. Thank you to Goodwin-Procter for their generous sponsorship of Committee events.
We were also glad to welcome Bob Guenther, Senior Vice President for Public Affairs at Webster Bank, to CBA’s headquarters this week. Bob met with our Marketing and Communications team to discuss CBA’s outreach initiatives as well as Webster’s plans for the coming months. We look forward to meeting with your bank’s public affairs teams to collaborate on ways to connect with consumers.
CBA Membership News
CBA is proud to announce that Campus Door has rejoined CBA, making them the 12th associate member added to CBA’s roster this year.