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Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.
- April 28, 2017CHOICE 2.0’s Day in the Sun: Here we go! The House Financial Services Committee is planning to mark-up the Financial CHOICE Act 2.0 on Tuesday, May 2, 2017. For those not familiar with such political processes, a mark-up is when a committee debates, amends, and/or rewrites proposed legislation. Experts, politicos, and reporters have been weighing in on whether the bill will be able to generate...
- April 27, 2017On Thursday, April 27, 2017, the CFPB took action against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for allegedly deceiving consumers by collecting debt not legally owed. In a suit filed in federal court, the CFPB alleged the four lenders could not legally collect on these debts because the...April 27, 2017A CFPB report released Thursday, April 27, 2017, summarized strategies for promoting diversity and inclusion used by mortgage industry participants. The Bureau highlights the business case for diversity along with current approaches and practices used in the mortgage industry, such as establishing buy-in from top leadership, integrating principles of inclusion in recruiting and hiring, and the...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced it had entered into a consent order with Security National Automotive Acceptance Company (SNAAC), which had been subject to a previous Bureau enforcement action. In the first order, the Bureau alleged the company engaged in deceptive collection practices against servicemember borrowers who had obtained loans to purchase used vehicles. These...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage...April 25, 2017On Tuesday, April 25, 2017, the CFPB released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. April’s report also highlights trends seen in complaints coming from Nevada. As of April 1, 2017, the...April 21, 2017Lifelong Democrat and Former Fed Chair Breaks Party Ranks on CFPB Holy smokes, lifelong Democrat and former Federal Reserve Chair Paul Volcker disagrees with Senate Democrats’ approach to CFPB reform. Speaking at the annual Bretton Woods Committee meeting, Volcker said it is “perfectly reasonable” to question the CFPB’s governing structure. Taking this a step further, he argued a bipartisan...April 21, 2017As reforming the Dodd-Frank Act takes center stage in Washington, it is important for federal lawmakers to hunker down and get this one right. Consumers and bankers alike stand to benefit from reform, but balance is key. When it comes to financial policy, a balanced approach to reform is essential to a healthy banking sector, and preserving consumer choice and access to credit. These days...April 20, 2017On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include: The...April 20, 2017On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...