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CBA's Public Policy Issues

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CFPB Resource Center

On July 21, 2011, the Consumer Financial Protection Bureau (CFPB), an agency with unprecedented power and authority to regulate the market for consumer financial products, opened its doors for business.

Because of our focus and expertise on retail banking products and services, CBA is well positioned to be your industry resource on the CFPB and will regularly update this page as the rulemaking process unfolds. In addition, our insights and analysis on CFPB-related issues, along with the latest news and information, will provide you with the necessary tools to navigate this new regulatory environment, so please visit often.

CBA’s 2014 Legislative & Regulatory Priorities


CFPB Report
April 18, 2014

CFPB Expects Federal Student Loan Interest Rates to Increase
On Monday, April 14, 2014, the CFPB's Student Loan Ombudsman, Rohit Chopra, penned a blog post titled “Explainer: Federal student loan interest rates to jump,” outlining an expected increase in rates for federal student loans. Rates are currently set under the Bipartisan Student Loan Certainty Act of 2013, which became law in August 2013. Rates are tied to the 10-year Treasury note and recalculated each July.
 
According to the blog post, the CFPB estimates the rate on direct subsidized and unsubsidized loans for undergraduates could rise from 3.9 percent to just above 5 percent. The rate for direct unsubsidized loans for graduate students could climb to 6.6 percent from 5.4 percent, and direct PLUS loan rates could hit 7.6 percent interest, up from the current 6.4 percent.
 
Senator Introduces Bill to Reduce CFPB Information Requests
On Thursday, April 10, 2014, Senator Dan Coats (R-IN) introduced the Community Financial Protection Act (S. 2242). The bill aims to modify the way the CFPB requests information from institutions with less than $10 billion in assets.
 
The legislation stipulates:
  • The CFPB must use current and existing publicly available information and data prior to requesting any information from the prudential regulator;
  • If the CFPB requests information not publicly available, it must provide justification to the regulator as to why it needs the information;
  • The prudential regulator has the authority to deny any request for information from the CFPB; and
  • The CFPB can only request institution-specific information rather than industry-wide information.
“Hoosier community banks and credit unions play a key role in their local communities, and they are paying the price for mistakes made on Wall Street,” Sen. Coats said in a press release. “These Indiana businesses did not cause the financial crisis, but they are being treated as if they did by federal bureaucrats. My legislation will allow community financial institutions and credit unions to focus on what they want to do and do best – helping families and local employers.”
 
CFPB Issues Proposed Extension of Remittance Disclosure Exemptions
On Tuesday, April 15, 2014, the CFPB announced a proposal to institute a five-year extension on a temporary provision allowing federally insured financial institutions to estimate third-party fees and exchange rates when providing remittance transfers to accounts for which banks cannot determine exact amounts. The exemption, set to expire on July 21, 2015, would be extended until July 21, 2020 under the provision.
 
According to the CFPB, some institutions are unable to provide precise disclosures of covered fees and rates. Preventing these institutions from estimating the fees would harm their ability to provide remittance transfers.
 
“It is critical that we are able to protect consumers who send money abroad and that we preserve access to such services,” CFPB Director Richard Cordray in a press release. “Today’s proposal would allow banks and credit unions to have more time to resolve certain implementation challenges while maintaining these important, new consumer protections.”
 
CFPB Releases TILA-RESPA Integrated Disclosure Forms
On Thursday, April 17, 2014, the CFPB published resources to its website aimed at helping institutions comply with new rules regarding the Truth in Lending Act – Real Estate Settlement Procedures Act (TILA-RESPA) which will take effect August 1, 2015. The CFPB introduced its Guide to Completing TILA-RESPA Integrated Disclosure Forms. The guide provides instructions for completing the Loan Estimate and Closing Disclosure and also highlights common situations which may arise when completing the forms. The CFPB also offered a Guide to the Loan Estimate and Closing Disclosure forms, as well as samples of the forms.

Past Reports

April 18, 2014
April 11, 2014
March 28, 2014
March 21, 2014
March 14, 2014
March 7, 2014
February 28, 2014
February 21, 2014
February 14, 2014
February 7, 2014
January 31, 2014
January 24, 2014
January 17, 2014
January 10, 2014
December 20, 2013
December 13, 2013
December 6, 2013
November 27, 2013
November 22, 2013
November 15, 2013
November 8, 2013
November 1, 2013
October 25, 2013
October 18, 2013
October 11, 2013
October 4, 2013
September 27, 2013
September 20, 2013
September 13, 2013
September 6, 2013
August 30, 2013
August 23, 2013
August 16, 2013
August 9, 2013
August 2, 2013
July 26, 2013
July 19, 2013
July 12, 2013
June 28, 2013
June 21, 2013
June 14, 2013
June 7, 2013
May 31, 2013
May 24, 2013
May 17, 2013
May 10, 2013
May 3, 2013
April 26, 2013
April 19, 2013
April 12, 2013
April 5, 2013
March 29, 2013
March 22, 2013
March 15, 2013
March 8, 2013
March 1, 2013
February 22, 2013
February 15, 2013
February 8, 2013
February 1, 2013
January 25, 2013
January 18, 2013
January 11, 2013
January 4, 2013
December 14, 2012
December 7, 2012
November 30, 2012
November 16, 2012
November 9, 2012
November 2, 2012
October 26, 2012
October 19, 2012
October 12, 2012
October 5, 2012
September 28, 2012
September 21, 2012
September 14, 2012
September 7, 2012
August 31, 2012
August 24, 2012
August 17, 2012
August 10, 2012
August 3, 2012
July 27, 2012
July 20, 2012
July 13, 2012
June 29, 2012
June 22, 2012
June 15, 2012
June 8, 2012
June 1, 2012
May 25, 2012
May 18, 2012
May 11, 2012
May 4, 2012

April 27, 2012

April 20, 2012

April 13, 2012

April 6, 2012

March 30, 2012
March 9, 2012
March 2, 2012
February 24, 2012
February 21, 2012
February 13, 2012
February 3, 2012
February 2, 2012
January 19, 2012
January 13, 2012
January 6, 2012