CBA in the News

Press Contact

Jacqueline Ortiz Ramsay
jramsay@consumerbankers.com
202-552-6371
  • December 14, 2016
    Banks are still peddling accounts riddled with fees to college students, taking advantage of a loophole in regulations meant to curb controversial financial agreements that yield millions of dollars for universities. A Consumer Financial Protection Bureau analysis of 500 marketing deals between colleges and large banks found no prohibition of monthly maintenance fees, out-of-network ATM fees or...
  • December 14, 2016
    The agreements that colleges have with banks and vendors to market debit cards and other financial products on campus often don’t protect students against high account fees, according to a new analysis published today by the CFPB. The Education Department last year finalized regulations aimed at cracking down on debit cards, prepaid cards and checking accounts that are branded with college logos...
  • December 14, 2016
    Colleges frequently make deals with large banks to create college-sponsored checking and prepaid accounts, but those deals are often risky and leave students with high fees. This is according to the Consumer Financial Protection Bureau’s annual report to Congress on student banking , which was released yesterday. The bureau analyzed about 500 of these deals and found that dozens have no limit on...
  • December 9, 2016
    In a letter to Senate leaders, the heads of four banking industry associations argued that the Consumer Financial Protection Bureau should be led by a bipartisan commission, rather than an individual director. The push comes months after an appeals court held that the current structure gives the CFPB director too much power. The leadership structure of one of the more controversial federal...
  • December 8, 2016
    WASHINGTON, Dec 7 (Reuters) - Bank lobbying groups are pressing the U.S. Senate to once again work on reforming the country's consumer financial watchdog agency - but this time around they may see those changes become reality. In a letter to Senate leaders released on Wednesday the groups, including the Consumer Bankers Association and the Credit Union National Association, called for legislation...
  • December 8, 2016
    Four associations representing 12,000 banks and credit unions submitted a letter to Senate leaders urging them to consider replacing the Consumer Financial Protection Bureau (CFPB)’s single-director structure with a five-person bipartisan commission next year. The associations listed in the letter, which was sent on Wednesday to Senator Majority Leader Mitch McConnell (R-Ky.) and Minority Leader-...
  • December 8, 2016
    As the Consumer Financial Protection Bureau reported that it handled approximately 27,000 complaints in October, four industry associations delivered a letter this week to the Senate’s top leaders, urging the bureau’s structure be modified to create a five-person, bipartisan board. The letter addressed to Sen. Mitch McConnell, the majority leader, and Sen. Chuck Schumer, who has been elected to...
  • December 7, 2016
    FIRST LOOK: FINANCIAL TRADES PUSH ON CFPB — The Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions are sending a letter to Congress on Wednesday pushing for substantial changes to the CFPB. Via a person familiar with the effort: “These trades have been working with both parties to...
  • December 7, 2016
    Six years ago, when President Obama signed the Dodd-Frank Act into law, America’s retailers got a big reduction in the debit-card fees they pay banks. Now, with Donald J. Trump set to take office, they’re preparing for a lobbying fight to defend that legislative victory -- and the billions they’ve saved as a result. Retail industry trade groups are rallying their base to try to beat back a part...
  • December 7, 2016
    Bank and credit union groups this morning urged Congress to replace the Consumer Financial Protection Bureau’s single-director leadership structure with a five-member bipartisan governing board. The letter cited high levels of uncertainty about pending CFPB regulations, adding that a recent federal appeals court ruling “clearly demonstrated a sole director leadership model is fragile, uncertain,...

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