CBA in the News
April 5, 2021'False hopes’: Small business rescue faces crunch just days after Congress extended it By Zachary Warmbrodt 04/05/2021 05:49 PM EDT Washington's nearly $1 trillion small business rescue, now under the watch of President Joe Biden, is about to slam into a new obstacle — it’s already running out of money. The Small Business Administration is warning lawmakers that funds for the Paycheck Protection...
March 1, 2021BankThink CFPB director is supposed to be an apolitical job By Richard Hunt March 01, 2021, 11:03 a.m. EST4 Min Read Facebook Twitter LinkedIn Email Show more sharing options Since its inception a decade ago, the Consumer Financial Protection Bureau has been a political hot potato — tossed from director to director, and interims along the way. Meanwhile, consumers, small businesses and financial...
October 16, 2020“The Members of Congress drafting this report are highlighting the issues directly related to the way they structured the program and banks raised with them and SBA during the breakneck implementation,” said Richard Hunt, chief executive of the Consumer Bankers Association, a trade group for retail banks. Mr. Hunt said the program’s average loan size, at $100,729 , proved “banks were able to...
October 9, 2020Lenders said the change was a start but did not go far enough. The Consumer Bankers Association, an industry group, renewed its call for all loans under $150,000 to be automatically discharged. “It’s almost a nightmare to go through the forgiveness process as it is now written,” Richard Hunt, the group’s chief executive, said. “You have millions of small businesses in crisis, some going under,...
October 9, 2020According to a September report by the Government Accountability Office, a watchdog for the U.S. Congress, a loan forgiveness application could take some borrowers 15 hours to complete, and a complex application could take a bank 50-75 hours to review. The Consumer Bankers Association, a trade group, welcomed the latest measure, but said there was more work to do. “It is apparent Congressional...
October 9, 2020Trade groups for banks and credit unions have lobbied hard for simplified forgiveness. They showed no inclination of abandoning their efforts after the SBA's announcement late Thursday. Consumer Bankers Association President and CEO Richard Hunt called the streamlined application a move in the right direction, but he said it didn’t exempt enough borrowers and was still too complicated. “This...
October 5, 2020Overall, though, lobbyists said they would expect a diverse mix of progressives and moderates, even though few are likely to come straight from Wall Street. "I don't think you'll see the progressive liberals getting all the appointments they want," said Richard Hunt, CEO of Washington group the Consumer Bankers Association. Biden's campaign, which did not immediately comment, has said he plans to...
October 1, 2020“There's a significant amount of overlap between what the Fed has proposed and what the OCC has finalized,” Brooks said in a pre-recorded interview shared by the Consumer Bankers Association during a virtual event Thursday afternoon.
September 15, 2020Richard Hunt, Consumer Bankers Association CEO & President joins the On the Move panel to discuss the latest on the stimulus bill and whether the Democrats and Republicans can come to an agreement before the election. Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending...
September 9, 2020The nation’s small businesses, and the millions of men and women who work at them, are the foundations of communities across the country and our nation’s economy. As a result of COVID-19, millions of small business owners have been forced to shutter operations with little to no revenue coming in. Luckily, Congress extended them a lifeline with the passage of the Paycheck Protection Program and...
