Legislative Activity

  • May 2, 2022
    Dear Chairman Durbin and Ranking Member Grassley, We are writing to express our strong opposition to any expansion of the Durbin Amendment through either antitrust or any other body of law. The Durbin Amendment, passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, imposed a cap on interchange fees for covered banks and credit unions, defined as those with assets of...
  • April 26, 2022
    Dear Chairman Brown and Ranking Member Toomey: The Consumer Bankers Association (CBA) submits the following comments for the hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” We appreciate the Committee’s continued oversight of the Consumer Financial Protection Bureau (CFPB or Bureau) and its activities. CBA is the voice of the retail banking industry...
  • April 25, 2022
    In a new letter sent to the Senate Banking Committee and House Financial Services Committee ahead of the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress this week, the Consumer Bankers Association (CBA) outlined legislative and regulatory recommendations necessary to ensure the agency successfully delivers on its mission in the rapidly evolving banking marketplace...
  • April 21, 2022
    Responding to a recent investigation – which found users of the fintech Chime lost thousands of dollars while being locked out of their accounts – Senate Banking Committee Chair Sherrod Brown (D-OH) warned fintechs offering traditional bank products and services through online platforms may put consumers, and their hard-earned money, at risk. Despite competing for the same customers, fintechs are...
  • March 30, 2022
    In a new letter sent yesterday to the House Financial Services Subcommittee on Consumer Protection and Financial Markets, the Consumer Bankers Association (CBA) highlighted the bank-led overdraft innovations designed to meet evolving demand and cautioned against restricting a product millions of consumers knowingly use and value in times of need. The letter was sent ahead of a scheduled hearing...
  • March 4, 2022
    In a new letter sent today to the Senate Banking Committee ahead of a scheduled hearing next Tuesday, Consumer Bankers Association (CBA) President & CEO Richard Hunt urged Congress to reject any legislative proposal seeking to eliminate the ability of hardworking families to pursue arbitration agreements when settling claims disputes. Overwhelmingly, disputes between companies and their...
  • December 14, 2021
    Dear Senator Scott: On behalf of the Consumer Bankers Association (“CBA”), I write to express our strong support for S. 3382, which would prohibit the Administrator of the Small Business Administration (SBA) from directly making loans under the 7(a) loan program. This bill is vitally important as lawmakers continue to deliberate a proposal contained within the Build Back Better bill that would...
  • November 1, 2021
    Dear Chairman Brown and Ranking Member Toomey: We, the undersigned organizations, support federal legislation to address “tough legacy” contracts that currently reference LIBOR. We respectfully request the Committee move judiciously in enacting LIBOR legislation. There are trillions of dollars of outstanding contracts, securities, and loans that use LIBOR for their interest rates but do not have...
  • October 27, 2021
    Dear Senator Scott: On behalf of the Consumer Bankers Association (“CBA”), I write to express our support for S. 3056, the Prohibiting IRS Financial Surveillance Act. This bill is vitally important as lawmakers continue to deliberate proposals that would require banks to provide the IRS with details and data on the accounts of customers who deposit or withdrawal $600 annually. Congress must...
  • October 27, 2021
    Dear Representative Ferguson: On behalf of the Consumer Bankers Association (“CBA”), I write to express our support for H.R.5586, the Prohibiting IRS Financial Surveillance Act. This bill is vitally important as lawmakers continue to deliberate proposals that would require banks to provide the IRS with details and data on the accounts of customers who deposit or withdrawal $600 annually. Congress...

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