CFPB: Regulatory Relief Offered for Small Loan Providers
The Consumer Financial Protection Bureau is announcing today that, with respect to the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, it will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30,…
ICBA: ICBA Applauds Senate Passage of Resolution to Overturn Flawed CFPB Overdraft Rule
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft services “ICBA and the nation’s community banks commend the Senate for passing Senate Banking Committee Chairman Tim Scott’s…
ABA: ABA Applauds Senate Disapproval of CFPB’s Overdraft Rule
“We applaud today’s Senate passage of the Congressional Review Act resolution nullifying the CFPB’s unlawful overdraft rule and thank Senate Banking Committee Chairman Tim Scott for his leadership on this important issue. “Without access to overdraft protection, many Americans would be driven to less regulated and higher risk non-bank lenders to cover unexpected or emergency…
ABA: New Survey Shows Strong Majority of Americans Value Overdraft Protection and Want It to Remain an Option
As Congress considers resolutions nullifying the CFPB’s recent Overdraft Rule, new Morning Consult data shows how much Americans appreciate current overdraft protection programs With lawmakers considering Congressional Review Act resolutions that would nullify a controversial CFPB Overdraft rule that would effectively end overdraft protection as we know it, a new national survey conducted by Morning…
ABA: ABA Applauds Vote to Invalidate CFPB Overdraft Rule
“We applaud the House Financial Services Committee’s vote to invalidate the CFPB’s misguided overdraft rule and look forward to seeing the House consider the resolution soon. The Bureau’s rule was flawed and unlawful from the start, and went against the wishes of a strong majority of Americans who have repeatedly indicated that they value and appreciate overdraft…
ICBA: Statement Issued Opposing Consolidation of the Nation’s Banking Regulators
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement opposing the consolidation of the nation’s banking regulators. “While Wall Street bank executives and others have called for consolidating the nation’s banking regulators, ICBA and community bankers have long supported the independence of the federal banking agencies and our…
ABA: ABA and 52 State Bankers Associations Urge Congress to Repeal CFPB’s Overdraft Rule
In a new letter sent to lawmakers in the House and Senate today, the American Bankers Association joined 52 state bankers associations in expressing strong support for the resolution of disapproval introduced by Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) that would invalidate the CFPB’s final rule on…
ABA: Leading Financial Groups Commend Lawmakers for Taking First Step to Overturn Misguided CFPB Overdraft Rule
Leading financial groups that represent banks and credit unions of all sizes today sent letters Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) in support of their respective Congressional Review Act resolutions to invalidate the Consumer Financial Protection Bureau’s (CFPB) overdraft rule. As outlined in the letter,…
Sentors Scott, Hill Lead Effort to Roll Back CFPB Overdraft Rule
Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) today introduced Congressional Review Act (CRA) resolutions to overturn the Biden administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule’s impact on access to important financial…
ABA: Statement on Nominations of Jonathan Gould as Comptroller of the Currency and Jonathan McKernan as CFPB Director
“We congratulate Jonathan Gould on his nomination to serve as comptroller of the currency. His prior experience at the OCC – as well as his time as a top staffer on the Senate Banking Committee and as a financial regulatory attorney – will serve him well as the agency continues its important mission to promote…