CBA Responds to House Committee’s Passage of Financial Services Funding Bill

Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the House Appropriations Committee’s passage of the Fiscal Year (FY) 2018 Financial Services and General Government Appropriations bill.

“We applaud the committee’s passage of several initiatives reforming the CFPB, including addressing the Bureau’s authority to regulate small-dollar credit, repealing their authority to restrict arbitration, and repealing their small business data collection requirement. These reforms will go a long way towards bringing needed regulatory relief to consumers and small businesses,” said CBA President & CEO Richard Hunt.

“However, CBA, along with 23 other trade associations representing thousands of banks, credit unions, financial institutions, and businesses, still believe a commission-based leadership structure at the CFPB is needed to provide for greater transparency, fairness and accountability. Furthermore, the majority of voters in eight battleground states prefer a commission over a sole director. We thank Representative Mark Amodei (R-NV) for offering an amendment establishing a commission at the CFPB, and Rep. Tom Graves (R-GA), Chair of the Financial Services Appropriations Subcommittee, for his supportive comments.  CBA will continue to advocate for this much-needed reform.”

Background Materials

Morning Consult Poll: Most Voters in Key Battleground States Support CFPB Commission

Joint Trades Letter House Appropriations Committee in Support of CFPB Commission

CBA President and CEO Richard Hunt’s Op-ed in USA TODAY

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About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.