CBA in the News

Press Contact

Jacqueline Ortiz Ramsay
jramsay@consumerbankers.com
202-552-6371
  • October 27, 2016
    Hillary Clinton's lead in presidential-election polls has Wall Street increasingly focused on the battle for control of Congress -- and bracing for a less friendly environment if Democrats retake the Senate and give new clout to the party's left wing. "It's not Hillary Clinton we are worried about. It's the influence that the liberals have on her," said Richard Hunt, president and chief executive...
  • October 27, 2016
    A banking trade group told regulators that its members have changed or are changing contracts for private student-loan customers to ensure that loans in good standing aren’t placed in default because a co-signer has died or filed for bankruptcy. The changes address the regulators’ criticism of the banks’ practice, called “auto-defaults.” The system causes surprise defaults for borrowers when the...
  • October 27, 2016
    Private lenders are revising student loan contracts to ensure people are not placed in default when the co-signer of their loan dies or declares bankruptcy, putting an end to a practice brought to light by the Consumer Financial Protection Bureau. In a letter obtained by The Washington Post, Consumer Bankers Association President Richard Hunt informed CFPB director Richard Cordray that the 10...
  • October 20, 2016
    Several mortgage and housing trade groups this week asked the Consumer Financial Protection Bureau (CFPB) to go further in the agency's proposed cleanup of the TRID consumer-disclosure rules, the massive regulation that kicked in one year ago. Industry groups are asking that the bureau extend a soft enforcement period for several more months, and proposed changes that the CFPB has previously...
  • October 18, 2016
    The Consumer Financial Protection Bureau is headed by a director who single-handedly has jurisdiction over 15,000 institutions and whose decisions impact millions of consumers every day. This person is judge and jury when it comes to imposing fines, rulemaking activity and supervisory opinions. The structure makes the CFPB director the most powerful person outside of the president of the United...
  • October 18, 2016
    The Consumer Financial Protection Bureau’s structure should be revamped, as the federal appeals court in D.C. recently decided, writes Richard Hunt, president and CEO of the Consumer Bankers Association, writes in an opinion piece in USA Today. The CFPB, rather than having a single director, should be governed by a five-member commission, like the Federal Trade Commission, he writes. “If the CFPB...
  • 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...

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