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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.
- August 30, 2017On Wednesday, August 30, 2017, the CFPB filed a proposed final judgment against Prime Marketing Holdings, LLC for alleged illegal credit repair practices. The Bureau’s lawsuit alleges Prime Marketing Holdings charged illegal advance fees and misled consumers about its services’ costs and the details of its money-back guarantee. The proposed final judgment would permanently ban the company from...August 30, 2017On Wednesday, August 30, 2017, the CFPB announced its annual adjustments to the dollar amounts of certain thresholds under the Truth in Lending Act (TILA) appling to consumer credit transactions starting in 2018. The adjustments are based on the annual percentage change in the Consumer Price Index. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty...August 25, 2017WASHINGTON — If Consumer Financial Protection Bureau Director Richard Cordray opts to run for governor of Ohio, as is widely expected, his time at the agency may end up complicating rather than helping his campaign. Republicans are already accusing Cordray of misusing his job as a fundraising platform and claiming that he is rushing rules out the door before he leaves. Many CFPB allies, meanwhile...August 25, 2017Despite seemingly overwhelming rumors about Consumer Financial Protection Bureau Director Richard Cordray’s supposed intention to step down and run for governor of Ohio, thus far, Cordray has done nothing one way or the other to stamp out the rumors about his future. All the while, the noise surrounding Cordray’s future keeps getting louder and louder . And according to the Consumer Bankers...August 24, 2017On Thursday, August 24, 2017, issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage exceed the cumulative increase in Social Security lifetime benefits that homeowners would receive by...August 24, 2017Can your organization meet heightened demands for compliance data and analytics (D&A)? How can you help your organization to prepare to meet regulatory expectations today and into the future? This paper sets forth five key areas that CCOs can utilize as they chart a course for more robust, and predictive, D&A capabilities. The viewpoints presented in this paper leverage the experience and...August 24, 2017On Thursday, August 24, 2017, the CFPB issued a rule amending the 2015 updates to the HMDA rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending. Key points of the update are as follows: Reporting...August 23, 2017CFPB Takes Action against American Express Subsidiaries On Wednesday, August 23, 2017, the CFPB took action against two American Express banking subsidiaries for allegedly discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories. The agency claims the companies provided consumers with credit and charge card terms inferior to those available in the 50...August 23, 2017[excerpt] Here's your Richard Cordray watch for Wednesday: The head of the Consumer Financial Protection Bureau in a New York Times op-ed piece defended a CFPB rule that allows consumers to band together and sue their banks. The Washington Post says the "arbitration rule" takes aim at the fine print in many of the agreements that consumers sign when they apply for credit cards or bank accounts...August 23, 2017CORDRAY WATCH — Via POLITICO’s Lorraine Woellert for MM: With CFPB Director Richard Cordray poised to quit any day now to run for Ohio governor — or not — Washington is uneasy about what’s next for the bureau. Under the rules, Cordray’s deputy steps up to the top slot if he leaves. But the agency has been without a permanent deputy since July 2015 because Cordray hasn’t named anyone to the post...