CBA in the News

Press Contact

Jacqueline Ortiz Ramsay
jramsay@consumerbankers.com
202-552-6371
  • 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...
  • September 29, 2016
    White Clarke Group announced the appointment of Allan Fried to their North American Consultancy division as Senior Consultant. He joined the business in August 2016. Fried is a finance technology heavyweight, well-known in the loan origination industry, who will bring his up-to-the-minute knowledge of regulation and compliance as well as proven expertise in developing and implementing innovative...
  • September 28, 2016
    In the latter half of the 2000s, it became commonplace for regulators and policy analysts to refer to the “Wild West” landscape of student lending, especially private student loans. A decade later, the Consumer Financial Protection Bureau has announced itself as the new sheriff in town to the student loan industry and the for-profit colleges that fueled it. Launched in 2011, the agency was formed...
  • September 22, 2016
    WASHINGTON, DC (September 22, 2016) — Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), today released the following statement in response to the House Energy and Commerce Committee’s hearing on the Telephone Consumer Protection Act (TCPA). “Out of touch with consumer preferences and expectations, the TCPA is in desperate need of reform. The TCPA effectively limits the...
  • September 21, 2016
    As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration. What happened In May, the Bureau released a proposed rule that would prohibit the inclusion of mandatory arbitration clauses in new contracts that foreclose class action lawsuits, although arbitration...

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