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American Bankers Association Consumer Financial Products

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Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies

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On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more

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Kentucky Federal District Court Issues Order Enjoining the CFPB From Enforcing the Small Business Data Collection Rule as to All...

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On September 14th, the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (Rule) promulgated under...more

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RFI Industry Commenters Urge CFPB to Stay in its Lane on Medical Debt Payments

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American Bankers Association (ABA), Association of Credit and Collection Professionals (ACA International), U.S. Chamber of Commerce (Chamber), Synchrony Bank (Synchrony), and National Consumer Law Center (NCLC) submitted...more

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Several Trade Associations Join Calls to CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured...more

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Further thoughts on the lawsuit filed in Kentucky challenging the CFPB’s final small business lending rule

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We recently reported that the Kentucky Bankers Association and several Kentucky banks filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Kentucky alleging that the CFPB’s final small...more

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Texas federal court grants credit union motion for leave to intervene in lawsuit challenging CFPB final small business lending...

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A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district...more

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Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

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On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more

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Banks From Coast to Coast Urge CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 8, bankers associations from all 50 states sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to stay enforcement and implementation of the small business data collection and...more

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Credit Union Trade Associations Urge CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 7, the National Association of Federally-Insured Credit Unions (NAFCU) and the Credit Union National Association (CUNA) sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to...more

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Extending relief granted in lawsuit challenging CFPB small business lending rule to all covered entities will require more...

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Last week, we published a blog post urging the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities...more

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Why the Texas federal court should have gone further in preliminarily enjoining the CFPB from implementing and enforcing its small...

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On Monday, the Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) issued an order that preliminarily enjoins the CFPB from...more

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CFPB files opposition to preliminary injunction motion in lawsuit challenging Section 1071 final rule

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The CFPB has filed its opposition to the motion seeking a preliminary injunction filed by the plaintiffs in the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule)....more

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CFPB credit card late fees proposal published in Federal Register

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Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register. The changes include a...more

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Defendant files answer brief, trade groups file amicus brief in Montana lawsuit challenging healthcare provider’s use of prepaid...

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Last week, the defendant filed its answer brief in Bratton v. Sisters of Charity of Leavenworth Health System, Inc., an appeal now pending before the Montana Supreme Court involving a challenge to the defendant’s use of...more

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Industry trade groups urge HUD to make significant changes to its disparate impact rule; state attorneys general oppose changes

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The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more

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How the Arbitration Clause Got Its Groove Back

Though initially celebrated by many, the overturning of the CFPB’s arbitration rule could mean problems down the road for the financial services industry. The CFPB’s rule restricting arbitration clauses has been undone by...more

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ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

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At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

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Trade groups oppose CFPB’s proposed expansion of consumer complaint feedback

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The Consumer Bankers Association and the American Bankers Association have submitted a comment letter setting forth their opposition to the CFPB’s proposed addition of a survey to the current complaint intake form....more

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DoD issues MLA interpretive rule

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The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more

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ABA comments on CFPB proposed overdraft survey

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The American Bankers Association has submitted a letter commenting on the CFPB’s request for approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of...more

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CFPB confirms interest in marketplace lending

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Companies involved in marketplace lending will be quite interested in the attendee list for the American Banker’s Marketplace Lending + Investing conference taking place this week in New York City. It indicates that 22...more

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Director Cordray appears before Senate Banking Committee

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On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

Burr & Forman

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

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ABA seeks changes to CFPB complaint portal and database

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Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an...more

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ABA comments on CFPB prepaid card proposal

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The American Bankers Association has submitted a 46-page comment letter on the CFPB’s proposed prepaid card rule. In the letter, the ABA makes the following key comments: Additional clarity is needed in the definition of the...more

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