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CBA responded to the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) on debt collections. In its notice, the Bureau cites it is the first agency with the authority to issue substantive rules under the Fair Debt Collection Practices Act (FDCPA), a law governing the practices of third-party collectors and debt buyers. The Bureau may address first-party debt collection activities under its unfair, deceptive and abusive practices (UDAAP) authority. The ANPR is the Bureau’s initial step towards issuing new rules regulating the relationship between creditors, third-party debt collectors and consumers.
- May 14, 2015May 14, 2015 The Honorable Steve Stivers 1022 Longworth House Office Building United States House of Representatives Washington, DC 20515 The Honorable Denny Heck 425 Cannon House Office Building United States House of Representatives Washington, DC 20515 Dear Congressmen Stivers and Heck, On behalf of the Consumer Bankers Association (CBA), we sincerely appreciate your bi-partisan effort on...
- April 10, 2015Bureau Issues Consent Order for Mortgage Advertisements On Thursday, April 9, 2015, the CFPB entered into a consent order with RMK Financial Corporation, also doing business as Majestic Home Loans, to resolve allegations of deceptive mortgage advertising. As a result of the order, RMK will be prohibited from falsely implying government affiliation in future advertisements and pay $250,000 in...
- March 20, 2015CBA LIVE 2015: The Consumer Agenda – It's Here! T-minus 3 days before you learn all things consumer — their thoughts, their goals, their attitudes, and what speaks to their souls. Sunny Florida awaits the arrival of the largest gathering of retail banking executives this year. CBA LIVE 2015 marks our fifth straight year of record attendance with nearly 1,300 registrants (and counting), 579 of...
- March 13, 2015CBA LIVE Sets New Attendance Record If you are looking to join with retail banking's decision makers and better understand the mind of the consumer, there is no better place than CBA LIVE, now just 10 days away. On Thursday, we surpassed our all-time record with the registration of the 1,212th attendee. Combined with our record number of bankers (575), these registration numbers show CBA LIVE is...
- March 6, 2015CFPB Director Testifies Before House Financial Services Committee On Tuesday, March 3, 2015, CFPB Director Richard Cordray testified before the House Financial Services Committee (HFSC) and provided the Bureau's Semiannual Report to Congress . In his opening statement, Director Cordray summarized the Bureau's activities for the previous six months including highlighting enforcement actions, some...
- February 18, 2015CBA’s President and CEO Richard Hunt issued the following statement after the New York Fed issued its Quarterly Report on Household Debt and Credit for the fourth quarter of 2014. “We agree with the New York Fed – a college degree is a worthy investment. CBA's members are proud to partner with students and their families to achieve this dream. Private student loans play a small but important role...
- December 8, 2014December 4, 2014November 7, 2014CFPB Issues Report on Seniors and Debt Collection Complaints On Wednesday, November 5, 2015, the CFPB released a report highlighting debt collection as the chief complaints received from older Americans. "It is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts," said CFPB Director Richard...November 2, 2014