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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 18, 2017Latest on the CFPB, Director Cordray & Small-Dollar Rumors of a potential Labor Day weekend resignation by CFPB Director Richard Cordray continue to circulate, leaving many speculating the Bureau’s small-dollar rule will be released in the coming weeks. If Richard Cordray does choose to resign his post at the CFPB and President Trump appoints a successor, I wonder if Senate Democrats will...
- August 16, 2017The CFPB released two report this week outlining challenges with student loan repayment and repayment programs. The first report, entitled “ CFPB Data Point: Student Loan Repayment ,” found nearly half of student loan borrowers leave school owing at least $20,000 – double the share of borrowers a decade ago. The Bureau also found more borrowers are taking out student loans later in life, and...August 11, 2017Rumor Mill Churning: Will Cordray Run for Governor of Ohio? I cannot read my morning press clips, or anything from an Ohio news outlet for that matter, without seeing coverage of Richard Cordray’s speculated departure as head of the CFPB to run for Governor of Ohio. One thing is for certain – his days atop the agency are numbered. His term expires in 2018, and President Trump will have an...August 4, 2017CBA Executive Banking School Class of 2017, Top Student Honored The future of retail banking looks bright with CBA Executive Banking School’s Class of 2017 carrying the torch, and I am proud to congratulate our graduates on their accomplishments. Our school is devoted to the idea that a successful banker is one who understands how to operate a bank from the ground up. After three years of...August 4, 201799% of consumers are not confused by the opt-in process for overdrafts Washington, D.C. - Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the CFPB’s study on overdraft and their prototype disclosure forms. “Banks provide consumers with clear, concise procedures for opting into overdraft services. According to a 2015 Novantas...August 3, 2017At 12:01 a.m. today, the CFPB unveiled new Know Before You Owe overdraft disclosure prototypes. According to the agency, the disclosures are designed to improve the model form banks and credit unions already provide to consumers weighing POS/ATM overdraft coverage. The Bureau currently is testing four prototypes. Each prototype has a one-page design aimed at making the costs and risks of opting-...August 2, 2017On Wednesday, August 2, 2017, the CFPB took action against JP Morgan Chase for failures related to information it provides for checking account screening reports. Banks screen potential customers based on reports about prior checking account behavior created by consumer reporting companies. Banks supplying information for those reports are legally required to have proper processes in place for...July 31, 2017On Monday, July 31, 2017, the CFPB issued a bulletin warning companies about tricking consumers into expensive pay-by-phone fees. The Bureau expressed concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or keeping them in the dark about much cheaper payment options. The bulletin also reviews guidelines to help consumer financial...July 28, 2017CBA Executive Banking School is in Full Swing CBA’s 66th session of Executive Banking School is off and running! This week, nearly 300 students joined us at Furman University in Greenville, S.C. to hone their retail banking skills. Thank you to Dennis Devine , CBA Board Member and Co-President of Key Community Bank, Kelly King , President and CEO of BB&T Bank, and our distinguished faculty...July 27, 2017DINGING CFPB, NOT EASY AS 1-2-3 — The House voted along party lines Tuesday to strike down a landmark rule from the Consumer Financial Protection Bureau, but the real fight begins in the Senate. The debate over the rule, which bars the use of mandatory arbitration clauses in consumer contracts with financial firms, is the first real battle over CFPB in a Republican-controlled Congress, setting...