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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 21, 2017CBA Executive Banking School Starts Monday Nearly 300 students representing 43 banks and credit unions from across the country will meet at Furman University in Greenville, S.C. for CBA’s 66 th year of Banking School this weekend. At the end of our summer program, we expect to graduate 98 bankers, including this year’s Tem Wooldridge Award winner. Each year, this award recognizes the top...
- July 20, 2017The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are engaging in a high-stakes battle over the latter agency's effort to rein in mandatory arbitration clauses, in a rare public spat between federal regulators. Acting Comptroller Keith Noreika provoked the fight by publicly criticizing the CFPB's final arbitration rule, requesting that it delay its...
- July 20, 2017Republican lawmakers are moving ahead to undo a rule that would make it easier for Americans to sue their banks and credit card companies. Senate and House lawmakers on Thursday separately unveiled bills that each proposes to overturn a recent rule by the Consumer Financial Protection Bureau , which blocks companies from using arbitration clauses to stop consumers from bringing class action...
- 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...