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CBA: It’s Hard to Believe Congress Ever Intended the Dept. of Ed to Wield Authority Over Financial Services
Washington, D.C. (May 15, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the Department of Education’s new proposed regulations on college campus financial products.
“Though today’s proposal seems to have improved from its original form, what is being veiled as pro-consumer reform is far from it and based on little to no actual data. The burdensome cost of new regulatory requirements on schools will ultimately be paid for by students, increasing the cost of college at a time when the government should be trying to do the opposite. The banking industry is heavily supervised by numerous regulators that specialize in financial products. It is hard to believe Congress ever intended the Department of Education to wield authority over financial services,” said CBA’s President and CEO Richard Hunt.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Maggie Seidel, firstname.lastname@example.org, (571) 447-0197 or visit www.consumerbankers.com.