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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 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...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...