CBA in the News
February 11, 2019A tremendous amount of attention rightfully was given to the financial hardships furloughed employees faced during the month-long partial shutdown of the federal government. I am proud to say banks proactively stepped up to the plate . But that did not stop the letters from Congress inquiring how financial institutions were helping furloughed workers — despite efforts being well underway long...
February 2, 2019The Consumer Bankers Association pegged the tally of outstanding loans at about 300 for each day of the shutdown, or about $2 billion in lending, according to a letter it sent to President Donald Trump and Congressional leaders Jan. 22. "Small business is going to be the first place you're going to see the impact of the shutdown, because a lot of these loans stop as soon as the shutdown occurs,"...
January 29, 2019The Consumer Bankers Association (CBA) maintains actions by federal regulators unfavorably impact small-dollar lending consumers by forcing them to payday lenders and other less regulated sources when in need. © Shutterstock CBA officials said the input stems from the Federal Deposit Insurance Corporation’s (FDIC) request for information on its 2013 small-dollar guidance. “A tremendous amount of...
January 23, 2019The shutdown is keeping the agency from approving about 300 loans per day, according to CBA President Richard Hunt.
December 21, 2018For nearly 90 years, U.S. deposit accounts have been the gold standard for security, safety and soundness. Strong regulations to ensure banks have a solid foundation serve as the first line of defense, but the Federal Deposit Insurance Corp. plays an important role as a backstop protecting consumers’ deposits. American families and businesses are used to the protections offered by the FDIC and...
December 6, 2018The Consumer Bankers Association called this action an important first step in improving the current BSA/AML regulations and guidelines. “Giving banks the opportunity to innovate will help make our financial system more secure,” CBA President and CEO Richard Hunt said. “Criminals and terrorists are constantly evolving and using increasingly advanced methods to move money and finance their...
November 14, 2018“About half of all American families cannot cover emergency bills ranging from car repairs and medical expenses to child care. Policies in Washington have forced these consumers to rely on less-regulated lenders like pawn shops or overseas and online lenders, instead of turning to well-regulated banks to meet their unique financial needs,” Richard Hunt, the president of the Consumer Bankers...
November 8, 2018Congress enacted the Community Reinvestment Act in 1977 to ensure banks continued serving the financial needs of their communities. Through CRA and other projects, banks are now investing more than a $100 billion each year into low- and moderate-income neighborhoods. Banks believe in their CRA projects and are proud of the work they do. In fact, about 95% of banks currently pass their CRA...
November 7, 2018But ultimately, having more Republicans in the Senate is perhaps more useful, said Richard Hunt, head of the Consumer Bankers Association. That’s because moderate Democrats were still hesitant to support initiatives helpful to industry for fear of blowback from their more progressive colleagues, he said. "It's a mixed bag,” Hunt said. “You can make the argument you have more votes now. There were...
November 2, 2018The proposal earned praise from outgoing House Financial Services Chairman Jeb Hensarling (R-Tex.), who said in a statement he wishes it went further but it nevertheless provides “much needed clarity.” And Consumer Bankers Association President Richard Hunt called it a “a positive step toward making regulations more aligned with the risks posed by activities instead of basing everything on an...
