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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.
- March 1, 2013CBA Submits Comment on Additional QM Proposal On Monday, February 25, 2013, CBA filed a comment letter with the CFPB in response to the QM proposal the agency issued last month, in connection with the final QM rules that were also issued at that time. Highlights of the letter are as follows: In our earlier comment letter in response to the initial QM proposal issued in 2011, CBA opposed the...
- February 28, 2013February 25, 2013Dear Ms. Jackson: The Consumer Bankers Association (CBA)1 appreciates the opportunity to submit comments in response to the proposal issued in conjunction with the January 10, 2013 ability-to-repay/qualified mortgage (QM) final rules (the Proposal). The Proposal includes a request for comment on additional clarifications regarding the inclusion of loan originator compensation within the 3 percent...February 22, 2013CFPB Consumer Advisory Board Meeting On Wednesday, February 20, 2013, the CFPB held a public meeting of the Consumer Advisory Board (CAB). The CAB is mandated by Section 1014 of the Dodd-Frank Act to advise and consult with the Bureau in the exercise of its function, and is required to meet at least twice a year. A list of the members can be found on the CFPB website . Though most of the business...February 22, 2013CBA LIVE – Countdown to Phoenix In just two weeks the CBA team will be in Phoenix preparing for CBA LIVE: The Future of Money, awaiting the arrival of a record number of bankers and industry partners. CBA's Board of Directors, Committees and Councils will all be in attendance and have been integral in making this event the largest gathering of retail banking professionals. CBA LIVE 2013 is...February 21, 2013February 21, 2013February 20, 2013February 19, 2013Dear Ms. Jackson: The Consumer Bankers Association (CBA)1 appreciates the opportunity to submit comments in response to the Consumer Financial Protection Bureau’s (CFPB’s or Bureau’s) request for information (RFI) to study the effect of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) on the credit card market. The CFPB states it will use the information...February 15, 2013CFPB Issues Warning for Mortgage Servicers on Transferred Loans On Monday, February 11, 2013, the CFPB issued a bulletin warning mortgage servicers about their legal obligations with regard to transferred loans. The CFPB has noted a significant number of servicing complications related to the volume of transfers in the past year. The Bureau plans to make servicing transfer-related problems a...