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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.
- July 20, 2017On Thursday, July 20, 2017, the CFPB released its Spring Unified Agenda , which includes rulemaking actions in pre-rule, proposed rule, final rule, long-term, and completed stages. The Bureau's rulemaking work is focused on achieving the objectives established in the Dodd-Frank Act, which are: Providing consumers with timely and understandable information to make responsible decisions about...July 20, 2017Senator Mike Crapo (R-ID) and Congressman Keith Rothfus (R-PA) introduce resolutions overturning CFPB’s Arbitration Rule Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the introduction of Senate and House resolutions under the Congressional Review Act to overturn the CFPB’s arbitration rule by Senate...July 18, 2017“The CFPB’s anti-arbitration rule hurts consumers and it’s another example of the problems caused by this rogue and unaccountable agency,” stated Rep. Rothfus upon introduction. In response, House Financial Services Committee Ranking Member Maxine Waters (D-CA) stated, “The Consumer Bureau’s forced arbitration rule ensures that consumers are not required to sign away their legal rights in order...July 14, 2017CBA Working to Overturn CFPB’s Arbitration Rule This week, I appeared on " Nightly Business Report " to debate Rohit Chopra, former assistant director at the CFPB, over the CFPB’s “Washington Knows Best” arbitration rule. As I mentioned to hosts Tyler Mathisen and Sue Herera, the CFPB’s arbitration rule is a raw deal for consumers. Arbitration has long provided a faster, better, and more cost-...July 14, 2017Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the House Appropriations Committee’s passage of the Fiscal Year (FY) 2018 Financial Services and General Government Appropriations bill. “We applaud the committee’s passage of several initiatives reforming the CFPB, including addressing the Bureau’s...July 13, 2017The Honorable Rodney Frelinghuysen Chairman Appropriations Committee U.S. House of Representatives Washington, D.C. 20515 The Honorable Tom Graves Chairman Financial Services & General Government Subcommittee, Appropriations Committee U.S. House of Representatives Washington, D.C. 20515 The Honorable Nita Lowey Ranking Member Appropriations Committee U.S. House of Representatives Washington,...July 13, 2017CARY, N.C. - Clearly the industry is “disappointed” that the Consumer Financial Protection Bureau earlier this week issued a final rule prohibiting the use of class action waivers in arbitration clauses. The American Financial Services Association, the National Independent Automobile Dealers Association and the American Bankers Association all used that specific adjective when relaying their...July 13, 2017Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated final rule on arbitration clauses in contracts governing consumer financial products and services. While the CFPB is not banning arbitration clauses outright, the new rule would prevent the use of arbitration provisions to block class action lawsuits. The rule is set to go into effect in eight months, but a...July 13, 2017The Consumer Financial Protection Bureau's arbitration rule , issued Monday, could put dealerships and auto lenders at risk for class-action lawsuits. But some experts questioned whether the rule will ever take effect, while various industry associations quickly issued statements denouncing the rule. The rule prohibits banks and other financial services companies from including mandatory...July 12, 2017Consumers can now sue banks in class-action lawsuits. The Consumer Financial Protection Bureau said Monday financial companies will no longer be allowed to force customers to use arbitration to settle group disputes, restricting the industry's favored legal tool after years of review. Currently, credit card and bank companies often insert arbitration clauses in their contracts to prevent...