CFPB

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 1, 2017
    CBA’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...
  • August 31, 2017
    The chairman of the House Financial Services Committee wants a definitive answer to a question that both he and Consumer Bankers Association president and chief executive officer Richard Hunt have been asking for some time: Is Consumer Financial Protection Bureau director Richard Cordray departing the regulator to run for governor in Ohio? Rep. Jeb Hensarling, the committee chair and Texas...
  • August 31, 2017
    WASHINGTON — With the election of President Trump, the nation’s consumer watchdog agency faced a quandary: how to shield the Obama-era institution from a Republican administration determined to loosen the federal government’s grip on business. In the weeks after the election, Richard Cordray, the Democrat who leads the agency, the Consumer Financial Protection Bureau , directed his staff to...
  • August 30, 2017
    On 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, 2017
    On 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, 2017
    WASHINGTON — 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, 2017
    Despite 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, 2017
    On 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, 2017
    Can 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, 2017
    On 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...

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