CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • October 12, 2017
    In the rule it unveiled last week , the agency sent a mixed message on that question. The CFPB effectively banned one type of bank loan: deposit-advance products, which were common before banks largely abandoned them due to 2013 guidelines issued by banking regulators. But the CFPB also exempted many small lenders from a core requirement of the rule—having to verify that borrowers can repay the...
  • October 11, 2017
    CBA President and CEO Richard Hunt ahead of Wednesday’s mark-up: “Designating risk based on how big a financial institution is does not make sense and it hurts consumers. Allowing regulators to take a big-picture view of risk by looking at the activities a financial institution undertakes instead of a simple assets threshold is more telling and can reduce unnecessary compliance burdens that limit...
  • October 5, 2017
    WASHINGTON (Reuters) - Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders’ ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country’s consumer financial watchdog. The Consumer Financial Protection Bureau (CFPB) released a regulation on Thursday requiring lenders to...
  • October 5, 2017
    The Consumer Financial Protection Bureau will require payday lenders to verify income and take other steps to protect borrowers, issuing a long-awaited rule that has become tangled in a tug of war over Director Richard Cordray’s future. The rule limits how often a lender can attempt to debit a borrower's account, a practice that can rack up bank fees. It also curbs lenders’ ability to advance...
  • October 5, 2017
    The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing expensive credit to cash-strapped borrowers do business. The Consumer Financial Protection Bureau regulations require that payday lenders determine upfront whether customers...
  • October 5, 2017
    Lenders that offer payday loans and other small advances to cash-strapped consumers must first determine if the borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday. The rule, adopted by the Consumer Financial Protection Bureau, also would curtail repeated attempts by the lenders to debit payments from borrowers’ bank accounts, a practice that racks up...
  • October 5, 2017
    Maybe you saw a suspicious charge on your bank statement. Or your debit card is missing from your wallet. If you believe your account is at risk, you need to act fast. Your money could be in jeopardy. According to a 2015 American Bankers Association survey, banks lost nearly $2 billion to deposit account fraud the year before. The recent Equifax data breach highlights how consumer information is...
  • October 2, 2017
    A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms. The litigation, filed Friday in a federal court in Dallas, challenges the CFPB’s controversial effort to curb forced arbitration. The plaintiffs include the chamber,...
  • October 2, 2017
    WASHINGTON—A coalition representing financial companies sued the Consumer Financial Protection Bureau Friday, challenging a new rule making it easier for consumers to band together to sue over complaints about bank accounts, credit cards and payday loans. The groups—a range of finance trade groups and the U.S. Chamber of Commerce—are fighting a rule released in July barring fine-print...
  • October 2, 2017
    The latest attack on the Consumer Financial Protection Bureau ’s arbitration rule comes from the finance industry, with several finance groups and chambers of commerce filing a lawsuit challenging the rule. According to a Ballard Spahr blog on the lawsuit by Mark Levin and Alan Kaplinsky, the lawsuit seeks to stay the implementation of the arbitration rule. The U.S. Chamber of Commerce , American...

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