ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

ABA: CFPB Information-Gathering Powers Must Be Reformed

June 4, 2015
Reading Time: 1 min read

ABA yesterday said that the Consumer Financial Protection Bureau’s expansive authority to gather information under Section 1022 of the Dodd-Frank Act must be changed. To inform its rulemaking process on overdraft protection services, the CFPB ordered three large core processing providers — Fiserv, FIS and Jack Henry — to turn over anonymized information about the overdraft services they provide for depository institutions.

In a memo to state associations, ABA said it is important that the CFPB conduct a full study of the market for overdraft services that includes the overdraft programs of community financial institutions, in contrast with the programs of a few large banks the bureau first began studying several years ago.

However, ABA emphasized that the bureau should fully cover the cost of its information-gathering activities. Fiserv has estimated that complying with the bureau’s order will consume “thousands” of staff hours, and has alerted its depository institution clients that it may have to pass the costs of responding on to these institutions.

ABA added that it would seek a legislative solution to the bureau’s expansive powers under Section 1022, which allows the CFPB “to demand whatever information it wants, from any industry participant, with little or no consideration for the cost of producing that information or for the impact the demand will have on other entities.” The CFPB should have to fund its information-gathering activities and provide due process protections, ABA said. For more information, contact ABA’s Ginny O’Neill.

ADVERTISEMENT
Tags: Core processingOverdraft protectionReporting
ShareTweetPin

Related Posts

CFPB launches ‘tip line’ to report on bureau employees

ABA, associations urge CFPB to rescind changes to adjudication process

Legal
June 13, 2025

ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.

Bank economists grow more optimistic about business credit, soft landing

ABA DataBank: May inflation cooler than expected, but still above Fed’s 2% target

Economy
June 13, 2025

With many economists expecting inflation to spike following the implementation of reciprocal tariffs, the headline Consumer Price Index rose 2.4% year-over-year in May — right in line with consensus expectations.

Consumer Sentiment declined in April

Consumer sentiment rebounds in June

Economy
June 13, 2025

The University of Michigan Consumer Sentiment Index increased 15.9% in June compared to the month prior, landing at 60.5, according to preliminary results for the month.

Survey: Banks boosting cybersecurity due to AI while also investing in technology

Survey: Banks boosting cybersecurity due to AI while also investing in technology

Cybersecurity
June 13, 2025

Most U.S. banks are increasing their cybersecurity efforts because of emerging technologies such as generative artificial intelligence, and many of those same banks also list AI as a top business investment, according to a recent survey by auditing...

Senate bill would mandate discount window testing, modernization

Proposal to end Fed interest payments to banks faces pushback

Newsbytes
June 13, 2025

Senate Banking Committee Chairman Tim Scott (R-S.C.) said a proposal to prevent the Federal Reserve from paying interest to banks “is not a decision to be rushed” and must follow proper parliamentary procedure, Bloomberg Law reported.

Research roundup: ABA holds policymakers accountable with independent analyses of key banking issues

Senate passes ABA-advocated ‘trigger leads’ bill

Mortgage
June 13, 2025

The Senate granted unanimous consent to S. 1467, an ABA-advocated bill that would would prevent credit reporting agencies from selling so-called mortgage trigger leads to lenders in most circumstances.

NEWSBYTES

ABA, associations urge CFPB to rescind changes to adjudication process

June 13, 2025

ABA DataBank: May inflation cooler than expected, but still above Fed’s 2% target

June 13, 2025

Consumer sentiment rebounds in June

June 13, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.