CBA in the News

Press Contact

Nick Simpson
nsimpson@consumerbankers.com
202-552-6371
  • July 10, 2017
    With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule Monday, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate. The rule, which is meant to allow consumers to more easily form or join class action lawsuits, is widely unpopular among banks and congressional Republicans, who have vowed to repeal it through...
  • July 10, 2017
    NEW YORK (CNNMoney) -- It just got easier for you to sue your bank and credit card company. The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits. The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from...
  • June 28, 2017
    Online lender SoFi’s decision to apply for a bank charter has snagged the attention of alternative lenders, big and small banks and regulators alike. Market participants appear split between cheering the move and drawing a line in the sand. One thing they agree on is that the signs were there all along. Christopher Cole, executive vice president and senior regulatory counsel at the Independent...
  • June 27, 2017
    For U.S. financial institutions, a searchable government database that holds 1.2 million consumer complaints has mostly been a source of irritation. Banks and other lenders say they can be unfairly maligned by consumers whose grievances that have not been vetted for accuracy . Industry groups also chafe at how the Consumer Financial Protection Bureau cites numbers from the database without some...
  • June 22, 2017
    Traditional business models heavy with brick-and-mortar strategies have suffered a blow as customers continue to shift their spending habits towards online stores. This change in behavior, however, comes as no surprise as giants like Amazon have experienced a steady rise in web traffic for years. While some retailers (i.e., Sears and Radio Shack) have been hurt by developments in the e-commerce...
  • June 22, 2017
    A coalition of financial and business groups called on lawmakers to replace the Consumer Financial Protection Bureau's single director with a five-person, bipartisan commission. The endorsement, presented today in a letter to House and Senate appropriators, represents the view of 22 trade groups representing thousands of large and small businesses, banks, tech companies and real estate groups...
  • June 22, 2017
    Today, CFPB is headed by a single director, Obama appointee Richard Cordray. Banks regulated by the bureau have chafed at Cordray's power to supervise them and write rules unilaterally. (Graeme Jennings/Washington Examiner) Banking groups are pushing for a major change to the leadership of the Consumer Financial Protection Bureau, and want it attached to must-pass government funding legislation...
  • June 20, 2017
    A powerful lobby group for US banks is circling the wagons against SoFi, the biggest of a new breed of online lenders, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The FDIC revealed last week that San Francisco-based SoFi had applied to the state of Utah for a special banking charter known as an industrial loan company (ILC). If successful,...
  • June 20, 2017
    The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known...
  • June 20, 2017
    A group of banks joined together against SoFi , one of the largest online lenders, urging the Federal Deposit Insurance Corp . to reject its application to launch a banking unit. Recently, SoFi took a major step toward becoming a bank, filing an application for a special banking charter known as an industrial loan company (ILC). However, Chris Cole, senior regulatory counsel at the Independent...

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