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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.
- September 13, 2017WASHINGTON — Since 2010, the federal government has been the nation's primary student lender. But the incoming chairman of the Consumer Bankers Association says the government's record as a credit provider leaves much to be desired. “We believe we have the expertise” to underwrite student loans “better,” said Brad Conner, vice chairman of consumer banking at the $150 billion-asset Citizens Bank...
- September 13, 2017While some officials in Washington indicate support for making substantial changes to the Consumer Financial Protection Bureau, voters who are familiar with the agency are split largely along party lines about whether its rule-making and enforcement authority should be curbed, according to a new Morning Consult/POLITICO poll. Of the 1,976 registered voters surveyed in a Sept. 7-11 poll , 23...
- September 13, 2017On Wednesday, September 13, 2017, CBA submitted comments on the CFPB’s Request for Information about the small business lending market. Section 1071 of the Dodd-Frank Act, which amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. Under...September 12, 2017The president of a top banking group on Tuesday criticized both parties for not installing a bipartisan commission to lead the Consumer Financial Protection Bureau, a Republican goal long opposed by Democrats fond of bureau's current director, Richard Cordray. Richard Hunt, president and CEO of the Consumer Bankers Association, said both parties are to blame for failing to spread the CFPB’s power...September 12, 2017On Tuesday, September 12, 2017, the CFPB announced in their Supervisory Highlights that supervisory actions taken through June, 2017, have resulted in $14 million going to more than 104,000 consumers. Other issues covered in the Supervisory Highlights include information about checking account fees, overdraft coverage, pay-by-phone fees, vehicle repossession, and consumer communications...September 8, 2017Welcoming CBA’s Board of Directors & Committee Leadership We are excited to welcome our Board of Directors to CBA HQ next week for our September Board meeting. Each time we meet, it provides us an opportunity to chart a path forward for the retail banking industry and discuss how we can best serve consumers and small businesses. We also will announce our Board leadership team for 2018, as...September 7, 2017Richard Cordray continues to leave Washington guessing about whether he’ll resign from the Consumer Financial Protection Bureau to run for governor of Ohio, but there’s little mystery over whether he’ll be replaced by a single director or multiple commissioners. Republicans have seemingly abandoned years of effort to restructure the CFPB into a multi-member commission, and Democrats seem to have...September 6, 2017On Wednesday, September 6, 2017, the CFPB took action against Zero Parallel , LLC, an online lead aggregator,claiming the company pushed consumers towards lenders who offered illegal or unlicensed loans often void in the customer’s state. The Bureau claims Zero Parallel sold consumers’ payday and installment loan applications to lenders it knew were likely to make void loans the lenders had no...September 4, 2017CINCINNATI/WASHINGTON Sept 4 (Reuters) - The head of the U.S. consumer watchdog will discuss his agency’s work at one of the country’s largest Labor Day gatherings on Monday and simultaneously stoke major doubts about its future. Democrat Richard Cordray, appointed head of the Consumer Financial Protection Bureau by former President Barack Obama, is widely expected to enter Ohio’s governor race...September 1, 2017CBA’s Membership Stands With the Victims of Hurricane Harvey CBA members continue to provide assistance to the victims of Hurricane Harvey. As a product of Louisiana, I certainly weathered my share of floods, storms, depressions, and a few minor hurricanes. However, absolutely nothing could have prepared us for Hurricane Harvey’s destruction; it is beyond words. From the thousands of willing...