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 Urges CFPB to Use Guidance Appropriately, Effectively

July 2, 2018
Reading Time: 1 min read

In the latest in its series of comment letters to the Consumer Financial Protection Bureau responding to the bureau’s 12 requests for information, the American Bankers Association emphasized the important role of clear and agency-binding guidance in facilitating compliance with regulations and added that guidance should not be used as a basis for enforcement actions.

Specifically, ABA urged the bureau to acknowledge that it is bound by the guidance it issues, which will help banks comply in confidence; to seek public comment as guidance is developed; to provide timely answers to requests for regulatory interpretations; and to provide examiner training that emphasizes the role of guidance in the supervisory process.

For example, ABA noted, the CFPB currently adds disclaimers to several guidance materials noting that they are intended only to help with implementation. No other financial regulators use disclaimers to the same extent. “Fundamentally, disclaimers undermine the value of guidance,” ABA said. “In fact, some bankers have said that, due to the disclaimers, they pay little or no attention to some bureau guidance.”

ABA also noted that “because guidance is intended to assist regulated entities and the public with compliance, it is inappropriate to use it as a basis for enforcement actions and formal supervisory criticism.” The association added that enforcement should continue to be based on “the applicable statutes, the regulations promulgated under them in accordance with the requirements of administrative law, and judicial interpretations of both.” For more information, contact ABA’s Rob Rowe.

ADVERTISEMENT
Tags: CFPB reformExam fairnessRegulatory burden
ShareTweetPin

Related Posts

ABA donates to Texas flood relief efforts, urges bankers to contribute

ABA donates to Texas flood relief efforts, urges bankers to contribute

Community Banking
July 10, 2025

ABA will donate $10,000 to Texas Bankers Foundation to assist with immediate disaster response and recovery following the recent catastrophic flooding in Central Texas.

Mortgage rates fall

Mortgage rates rise

Economy
July 10, 2025

The rate for a 30-year fixed-rate mortgage was 6.72% this week. The rate for a 15-year fixed-rate mortgage was 5.86%.

Budget bill narrowly passes Senate, moves back to House

Breaking down the bank-related provisions in the big budget bill

ABA Banking Journal Podcast
July 10, 2025

Following the enactment of the One Big Beautiful Bill Act, hear from ABA experts on how key ABA-supported provisions on tax policy, rural real estate and health savings accounts in the budget reconciliation law will affect banks.

Fed releases agenda for upcoming conference on large bank capital requirements

Fed seeks public input on large bank rating system revision

Compliance and Risk
July 10, 2025

The Federal Reserve requested comment on a proposal to revise its supervisory rating framework for large bank holding companies to address the "well managed" status of the firms.

Senate Banking Committee advances OCC, SEC nominations

Senate confirms Gould as comptroller of the currency

Newsbytes
July 10, 2025

The Senate voted to confirm Jonathan Gould as comptroller of the currency. He succeeds Rodney Hood, who is acting comptroller.

FinCEN, IRS-CI launch series to help banks combat fentanyl trafficking

FinCEN extends compliance dates for fentanyl orders

Compliance and Risk
July 9, 2025

FinCEN has extended by more than a month the effective dates for orders involving three Mexico-based financial institutions with alleged ties to fentanyl trafficking, according to an agency statement.

NEWSBYTES

ABA donates to Texas flood relief efforts, urges bankers to contribute

July 10, 2025

Mortgage rates rise

July 10, 2025

Fed seeks public input on large bank rating system revision

July 10, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
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

PODCASTS

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 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.