CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • November 17, 2017
    Republicans are ready for President Trump to bring change to the Consumer Financial Protection Bureau (CFPB) now that Richard Cordray is resigning as director. The CFPB has become a powerful watchdog agency, making moves reshape the lending industry and crack down on financial fraud. But Republican lawmakers have chafed at the CFPB’s actions, calling them heavy handed and damaging to consumer...
  • November 15, 2017
    The director of the Consumer Financial Protection Bureau (CFPB) announced his resignation Wednesday, giving President Trump the chance to reshape an agency that has long been the target of Republican ire. Richard Cordray expects “to step down from his position here before the end of the month,” he wrote in an email that was sent to CFPB staff. "As I have said many times, but feel just as much...
  • November 15, 2017
    WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray sent an email to staff Wednesday announcing that he is leaving the bureau. Cordray has long been rumored to be planning to run for governor in Ohio, but in the email he did not say what he plans to do after his departure “I wanted to share with each of you directly what I have told the senior leadership in the past few...
  • November 15, 2017
    Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning. He served as the inaugural director for the regulatory agency, which was formed in the wake of the financial crisis. He reiterated the work the CFPB has done so far to recover $12 billion in relief for nearly 30 million consumers...
  • November 3, 2017
    By Nick Zulovich Senior Editor WASHINGTON, D.C. - President Trump followed through this week by signing H.J. Res. 111, which nullifies the Consumer Financial Protection Bureau's rule prohibiting the use of a pre-dispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The final step in the process of canceling the rule that received sizable...
  • November 3, 2017
    The Consumer Financial Protection Bureau states its mission is to “make consumer financial markets work for consumers, responsible providers, and the economy as a whole.” However, the reality is the bureau does not regard all consumers in the market equally. In the interest of political expediency, it seems to treat consumers who deal with some institutions different than those who deal with...
  • November 2, 2017
    To the Editor: R “ Living on a Borrowed Dime ” (Business Day, Oct. 20), which seems to criticize banks for high consumer debt: Every day, retail banks across the country strive to offer products that meet consumer needs. That commitment is paying off: A recent report by the Consumer Financial Protection Bureau shows a correlation between bank deposit accounts and financial well-being. Unlike bank...
  • November 1, 2017
    WASHINGTON — President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau’s arbitration rule, killing the regulation that was unpopular with banks and other financial institutions. The president signed H.J. Res. 111 in a closed meeting Wednesday afternoon, offering no public statement. The White House confirmed that the president signed the resolution...
  • November 1, 2017
    President Trump on Wednesday signed a repeal of the Consumer Financial Protection Bureau’s rule on forced arbitration, winning praise from banking and business groups. Trump approved the resolution to repeal the CFPB rule, meant to prevent banks and credit card companies from blocking customers from joining class-action lawsuits against them, in a private Oval Office signing. The House passed a...
  • November 1, 2017
    If you’ve been awaiting the return of a popular payday loan alternative, don’t hold your breath. Deposit advances once were offered by banks like Wells Fargo and Fifth Third Bank . Like payday loans, they covered folks who needed quick cash in emergency situations and charged high interest rates in return. When strict guidelines made deposit advance loans virtually impossible to sell, banks...

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