CBA in the News

Press Contact

Jacqueline Ortiz Ramsay
jramsay@consumerbankers.com
202-552-6371
  • October 11, 2016
    The federal appeals court ruling Tuesday that the Consumer Financial Protection Bureau’s structure is unconstitutional drew effusive praise from agency critics and biting disapproval from its supporters. Some took a longer view that the ruling isn’t likely to change business-as-usual soon and could be upended as it wends its way through the courts. The court also set aside a closely watched...
  • October 11, 2016
    The Consumer Financial Protection Bureau -- the brainchild of Massachusetts Senator Elizabeth Warren and among the most controversial reforms to come out of the financial crisis -- is too powerful, a federal appeals court ruled on Tuesday. In the first noteable legal challenge to the financial regulator, a three-judge panel of the US Court of Appeals for the District of Columbia Circuit faulted...
  • October 11, 2016
    Be careful what you wish for. That's the lesson for banks and other financial institutions that have long sought to win a check against the Consumer Financial Protection Bureau's power after the U.S. Court of Appeals ruled Tuesday that its structure is unconstitutional. Far from a victory for the industry, the court's solution – allowing the president to dismiss a CFPB director for any reason –...
  • October 11, 2016
    The nation’s second most powerful court ruled Tuesday that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional, delivering a huge victory to business groups and Republicans in Congress. Tuesday’s ruling, handed down by the U.S. Court of Appeals for the D.C. Circuit, does not halt the agency’s operations but states that Congress erred in creating a far-reaching...
  • October 11, 2016
    An appellate court on Tuesday called the CFPB constitutionally flawed and gave the White House the authority to remove its director at will, boosting congressional efforts to rein in the powerful agency and undercutting its independence. "The CFPB is unconstitutionally structured,” read the opinion of the U.S. Court of Appeals for the District of Columbia. “Never before has an independent agency...
  • October 11, 2016
    In a setback for President Obama, a federal appeals court curtailed the power of the Consumer Financial Protection Bureau, ruling Tuesday that the agency championed by Sen. Elizabeth Warren of Massachusetts violated the Constitution with a structure that gives too much unelected authority to its sole director. The highly anticipated ruling by the U.S. Court of Appeals for the District of Columbia...
  • October 11, 2016
    What some legal watchers consider to be the second-highest court in the nation called the Consumer Financial Protection Bureau “unconstitutionally structured” on Tuesday. The U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of a finance company that operates in the mortgage space, rescinding a $109 million enforcement action the bureau handed out nearly two years ago. In...
  • October 5, 2016
    The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees. The rule, which is expected to be released Wednesday, effectively grants many protections of credit cards to prepaid products,...
  • October 3, 2016
    Democratic presidential nominee Hillary Clinton and Sen. Sherrod Brown (D-Ohio) on Monday called for restrictions to the use of so-called “forced arbitration” clauses in consumer contracts, signaling a coordinated response to the accounts scandal at Wells Fargo & Co. In a speech to supporters today in Toledo, Ohio, the former secretary of State named Wells Fargo as a primary example of “...
  • October 3, 2016
    The Consumer Financial Protection Bureau’s proposed addition to its consumer complaint database would further erode consumer privacy and foster the spread of unverified information, the American Bankers Association and the Consumer Bankers Association told the agency on Friday . The groups criticized the CFPB’s proposal to replace the function of the database that allows a customer to dispute the...

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