Regulatory Compliance & Agency Engagement
January 31, 2022As a modern-day alternative to traditional layaway, “Buy Now Pay Later” (BNPL) credit is taking the nation by storm and the number of Americans using these products has climbed 300% every year since 2018. In two new op-eds appearing in American Banker last week, the Consumer Bankers Association (CBA) and the Center For Responsible Lending (CRL) warned the added convenience of BNPL may also bring...
January 12, 2022In a new letter sent yesterday to members of the Federal Deposit Insurance Corporation (FDIC) Board of Directors, including Chairman Jelena McWilliams, Director Martin J. Gruenberg, Acting Comptroller of the Currency, Michael Hsu, and Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, Consumer Bankers Association (CBA) President & CEO Richard Hunt urged the agency’s...
December 13, 2021In a new op-ed appearing tonight in The Hill ahead of the scheduled open meeting at the FDIC tomorrow, Consumer Bankers Association (CBA) President & CEO Richard Hunt explains why recent actions by Board Members at the FDIC, an agency which has operated openly and publicly for nearly 90 years, are so disconcerting not just for banks, but for the country at large. To read the full op-ed click...
December 7, 2021In a new letter sent today to the Consumer Financial Protection Bureau (CFPB), the Consumer Bankers Association and the American Bankers Association (ABA) reiterated their shared commitment to advancing the Bureau’s mission of protecting all consumers in the rapidly evolving financial marketplace, regardless of where consumers go to meet their financial needs. The letter was sent in response to...
November 22, 2021Consumer Bankers Association President and CEO Richard Hunt today issued the following statement on the Biden Administration’s renomination of Jerome Powell to lead the Federal Reserve as Chair: “CBA commends Chair Powell on his renomination. During one of the most uncertain and challenging times in our nation’s history, Chair Powell’s leadership helped ensure the well-regulated and well-...
September 30, 2021Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. Senate confirmed Rohit Chopra to serve as the next Director of the Consumer Financial Protection Bureau (CFPB): “Congratulations to Commissioner Chopra on his confirmation to lead the CFPB. CBA looks forward to working with Mr. Chopra to ensure the most thorough consumer protection...
September 28, 2021CHARLOTTE – In a live interview from Charlotte this morning , CBA President and CEO Richard Hunt spoke with Maria Bartiromo on Fox Business about an expansive new reporting regime that would impact virtually every American and small business with a bank account. Recognizing this proposal would threaten the deep level of trust consumers have come to expect from their banks, Hunt said: “When a...
September 17, 2021More than 40 associations representing a broad cross-section of financial and business interests led by the Consumer Bankers Association (CBA) and American Bankers Association (ABA) today sent a letter to Speaker of the House Nancy Pelosi (D-CA), Minority Leader Kevin McCarthy (R-CA) and Members of the U.S. House of Representatives urging them not to move forward with a proposal under...
August 2, 2021WASHINGTON – The Bank for International Settlements today released a new report warning of the significant risk to the global financial system posed by the lack of sufficient regulation and supervision among leading technology firms, which increasingly are offering financial products and services to consumers. In response to the report, Consumer Bankers Association President and CEO Richard Hunt...
July 20, 2021WASHINGTON –CBA President and CEO Richard Hunt today issued the following statement after the Office of the Comptroller of the Currency (OCC) announced its decision to move forward with a repeal of the June 2020 Community Reinvestment Act (CRA) rule and continue working with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on a joint rulemaking process to modernize...
