For Immediate Release
April 28, 2016
ABA Media Contact: Sarah Grano
(202) 663-5470
Email: sgrano@aba.com
Follow us on Twitter: @ABABankers​​​

ABA Applauds CFPB Efforts to Improve Know Before You Owe Rule

By Rob Nichols, ABA president and CEO

          “We appreciate Director Cordray’s responsiveness to our concerns about the CFPB’s Know Before You Owe rule. The agency’s interim steps and guidance efforts are welcome, and we agree that several issues will be best resolved in the rule-making process that is being initiated. We are particularly pleased that the notice of proposed rulemaking is on a fast track, which will accelerate and strengthen strong compliance regimes.

          Many of the elements the industry identified for clarification or amendment were developed in ABA's compliance working group meetings, and we look forward to the opportunity to continue sharing banker feedback with the CFPB.”

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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.