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Checking Account Disclosures
CBA believes that making banking functions transparent and upfront to consumers is a vital part of the bank-consumer partnership. We remain concerned about legislation or regulation that may go too far and actually cause consumers more financial harm than good. For example, a prohibition on overdraft protection programs, or rules so onerous that they act as de facto restrictions, could hurt consumers more than benefit them. CBA stresses improved information to consumers and better financial education.
- October 10, 2014CFPB Holds Forum on Checking Account Access On Wednesday, October 8, 2014, the CFPB held a forum on access to checking accounts. The event featured remarks from CFPB Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. The CFPB's stated goal of the forum was to learn more about how the checking account...
- October 8, 2014Washington, D.C. (October 8, 2014) – CBA’s President and CEO Richard Hunt issued the following statement after CFPB Director Richard Cordray delivered remarks at a CFPB forum today which focused on checking accounts. “CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear terms. Our members make every possible effort to open...
- October 8, 2014October 3, 2014Durbin Amendment Three Years Later – Consumers Pay the Price This week marks the third anniversary of the Durbin Amendment which capped the amount retailers pay to accept debit cards, in theory passing the purported savings onto consumers. However this has not turned out to be the case. Phoenix Marketing International conducted a survey sponsored by the Electronic Payments Coalition which asked 3...September 2, 2014August 15, 2014Is $20 Billion the New $10 Billion? The retail banking industry is very familiar with banks taking steps not to pass the $10 billion asset mark in order to avoid the associated massive regulatory and compliance costs. Consider Cathy Nash who sold Citizens Republic Bancorp when it reached $9.7 billion in assets to FirstMerit in 2012. Now there is another reason – the cut in interchange fees. The...August 6, 2014August 1, 2014CBA Testifies Before Senate Banking Committee This week, I testified before the U.S. Senate Banking Committee on the state of the private student loan industry and campus financial products. This was an opportunity to demonstrate the excellent performance and repayment metrics of private student loans. Compared with federal loans, which have a 15% default rate, private loans are getting it right...