CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • October 2, 2017
    Both sides are digging in, as an effort to repeal a rule published by the Consumer Financial Protection Bureau heads for the U.S. Senate. The CFPB rule, which was published in July, severely limits lenders’ ability to compel consumers to submit disputes to binding arbitration instead of taking disputes to court, and makes it easier for consumers to file class-action lawsuits. Binding arbitration...
  • September 28, 2017
    By now, the sobering statistics are familiar: Nearly half of American adults say they could not cover an unexpected expense of $400, according to the Federal Reserve. Now, a new study by the Consumer Financial Protection Bureau (CFPB) similarly shows that more than 40 percent of Americans struggled to pay bills at some point during 2016. But, familiarity doesn’t make it OK. Richard Hunt,...
  • September 25, 2017
    Recent projects completed by the Competitive Enterprise Institute and the Cato Institute again delved into unsatisfactory assessments of the Consumer Financial Protection Bureau. Coinciding with House Republicans chastising the CFPB over its investigation of Wells Fargo, a wide-sweeping survey conducted by the Cato Institute found that participants agree with an assertion previously made by the...
  • September 17, 2017
    "Attention: Credit Union Members," state the bold red letters in a newspaper ad. "Has your credit union assessed multiple overdraft charges when you believed you had a sufficient balance?" The ad by the Michael B. Serling law firm seeks victims of "multiple overdraft charges" much like the Birmingham firm advertises to help victims of mesothelioma and lung cancer caused by asbestos exposure...
  • September 17, 2017
    If you’ve got a problem with your bank’s overdraft fees, you should say something. That’s what U.S. Sen. Cory Booker recently did. In letters to 13 bank CEOs , the New Jersey Democrat asked for details about their overdraft practices, efforts to convince customers to join overdraft protection programs and reliance on overdraft fees as a source of income. One of his key concerns: Only a small...
  • September 13, 2017
    While some officials in Washington indicate support for making substantial changes to the Consumer Financial Protection Bureau, voters who are familiar with the agency are split largely along party lines about whether its rule-making and enforcement authority should be curbed, according to a new Morning Consult/POLITICO poll. Of the 1,976 registered voters surveyed in a Sept. 7-11 poll , 23...
  • September 13, 2017
    WASHINGTON — Since 2010, the federal government has been the nation's primary student lender. But the incoming chairman of the Consumer Bankers Association says the government's record as a credit provider leaves much to be desired. “We believe we have the expertise” to underwrite student loans “better,” said Brad Conner, vice chairman of consumer banking at the $150 billion-asset Citizens Bank...
  • September 12, 2017
    The president of a top banking group on Tuesday criticized both parties for not installing a bipartisan commission to lead the Consumer Financial Protection Bureau, a Republican goal long opposed by Democrats fond of bureau's current director, Richard Cordray. Richard Hunt, president and CEO of the Consumer Bankers Association, said both parties are to blame for failing to spread the CFPB’s power...
  • September 7, 2017
    Richard Cordray continues to leave Washington guessing about whether he’ll resign from the Consumer Financial Protection Bureau to run for governor of Ohio, but there’s little mystery over whether he’ll be replaced by a single director or multiple commissioners. Republicans have seemingly abandoned years of effort to restructure the CFPB into a multi-member commission, and Democrats seem to have...
  • September 7, 2017
    Square is expected to apply for an Industrial Loan Company (ILC) bank charter this week, according to American Banker and other sources. Like SoFi, who is busy trying to do the same thing, their attempt will also face competitive resistance. In June, Richard Hunt, president and CEO of the Consumer Bankers Association (CBA), told deBanked that in the case of SoFi, “The whole world is evolving,...

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