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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 10, 2017On Monday, July 10, 2017, the CFPB issued a final arbitration rule pursuant to section 1028 of the Dodd-Frank Act. Under this section, the CFPB is required to study the use of arbitration agreements in the consumer financial markets. Once completed, the Bureau is then authorized to prohibit, condition, or limit the use of arbitration agreements if it is in the public interest, for the protection...July 10, 2017Banks and financial services companies will see their ability to require out-of-court arbitration in class action disputes with consumers limited by a Consumer Financial Protection Bureau rule set go into effect within the next year, setting up a likely partisan fight over whether Congress should intervene. The CFPB announced Monday that it would finalize its so-called “forced arbitration” rule...July 10, 2017With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule Monday, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate. The rule, which is meant to allow consumers to more easily form or join class action lawsuits, is widely unpopular among banks and congressional Republicans, who have vowed to repeal it through...July 10, 2017NEW YORK (CNNMoney) -- It just got easier for you to sue your bank and credit card company. The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits. The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from...June 30, 2017Membership Spotlight: CBA Board Member Michael Cleary Named Co-President at Santander Bank A hearty congratulations to CBA Board Member Michael Cleary on being named co-president of Santander Bank, whose experience and expertise are invaluable to our organization. We wish Michael the best in expanded leadership role at the bank. Dodd-Frank Reforms Pass House Subcommittee Passing by voice vote,...June 28, 2017 - 2:00PMPastJune 27, 2017On Tuesday, June 27, 2017, the Bureau released a statement regarding its actions against credit repair companies for charging illegal advance fees and misleading customers about credit score repair services. The complaints were filed against four California based credit repair companies, and three individuals, including Prime Credit LLC, IMC Capital, LLC, Commercial Credit Consultants, Park View...June 27, 2017For U.S. financial institutions, a searchable government database that holds 1.2 million consumer complaints has mostly been a source of irritation. Banks and other lenders say they can be unfairly maligned by consumers whose grievances that have not been vetted for accuracy . Industry groups also chafe at how the Consumer Financial Protection Bureau cites numbers from the database without some...June 23, 2017Calling for Coordination and a Commission: CBA Takes the Hill Several prominent regulators joined the Senate Banking Committee this week to discuss economic growth and the regulatory environment. Ahead of the hearing, our legislative experts sent a letter to the committee’s Democratic and Republican leadership calling for several reforms, including improving coordination between the regulatory...June 22, 2017June 22, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...