Next Thursday, Nov. 28 — Thanksgiving Day — marks one year since the Consumer Finance Protection Bureau (CFPB) ordered Bank of America to pay a $12 million penalty for “submitting false mortgage lending information to the federal government.”
A spokesman for the Electronic Payments Coalition (EPC) said the proposed “Credit Card Competition Act” (CCCA), currently pending in Congress, would “force Americans’ credit cards to run on unknown, untested networks.”
The president and CEO of the American Financial Services Association (AFSA) said his industry would like the Consumer Financial Protection Bureau (CFPB) to provide a more clear regulatory environment rather than a “regulatory environment by shortcut.”
The president and CEO of the American Financial Services Association (AFSA) said a new tool released by his organization found ‘pessimism’ about the current state of consumers’ access to credit, and one reason is a “lack of clarity” regarding rules and regulations from the Consumer Financial Protection Bureau (CFPB).
Bill Himpler, president of the American Financial Services Association (AFSA) joined the American Legal Record Podcast to discuss AFSA’s mission, a macro look at the state of credit, mortgage borrowing, its relationship to the Consumer Financial Protection Bureau (CFPB), the regulatory environment, and what lies ahead re interest rates.
Tirzah Duren, the vice president of policy and research at the American Consumer Institute (ACI), said the Consumer Financial Protection Bureau’s (CFPB) recently proposed rules on “junk fees” would harm consumers.