CBA in the News
October 18, 2019If Amazon, Google, Facebook and Apple were banks, would consumers trust them their money? Two separate studies released this month attempted to answer that question, and what they found was that most consumers would still prefer to stash their savings in traditional banks. Careful savers — those who set aside money each month and check their balances often — largely prefer to keep their money in...
October 7, 2019The Community Reinvestment Act is more than 40 years old and has only been significantly amended once, in the mid-1990s when cellphones still played the snake game and there was a Blockbuster video on every corner. Technology has changed since then. Consumer needs have changed since then. Banking has changed since then. But the CRA has not and the 1977 law is no longer working. Modernization is...
September 18, 2019When private student lenders make loans, they are required to tell borrowers not just the interest rate and loan amount, but also the total they will owe after finishing school and what their estimated monthly payments will be. The new chair of the Consumer Bankers Association says the federal government should have to do the same. The CBA has long argued that the government fueled the rising...
September 13, 2019Nitin Mhatre has been elected Consumer Bankers Association (CBA) chairman of the Board of Directors. Mhatre serves as executive vice president and head of Community Banking at Webster Bank. Terms for CBA’s Board of Directors run from September to September. Mhatre succeeds Todd Barnhart, executive vice president and retail distribution executive at PNC Bank. He will remain on the Board as...
August 8, 2019Student loan debt has more than doubled in the last decade and 92 percent of that debt is held by the federal government. Loan forgiveness or free college have been the topic du jour from many presidential candidates. And, while they might make for good campaign rhetoric, these proposals are unlikely to become law. Luckily, Sens. Tim Scott (R-S.C.) and Joe Manchin (D-W.Va.) introduced legislation...
July 26, 2019For Richard Hunt, lobbying on behalf of the nation’s banks isn’t quite what it used to be. As president and CEO of the Consumer Bankers Association (CBA) since 2009, Hunt has led the group’s efforts to repair the industry’s post-crisis reputation while working for changes to the rules imposed on banks after the 2008 recession. Hunt, a former House chief of staff, has advocated for banks and the...
July 2, 2019The Consumer Bankers Association (CBA) is urging lawmakers to support the Student Loan Disclosure Modernization Act, which would require federal student loans to carry plain-language disclosures on the true cost of the loan. © Shutterstock In a letter to the bill’s sponsors, Sens. Tim Scott (R-SC) and Joe Manchin (D-WV), CBA officials point out that private student loans offered by banks already...
June 26, 2019Our nation was founded with three separate branches of government, each designed to serve as a check on the other two. The Judicial Branch plays the pivotal role of ensuring our laws are applied equally and fairly. While our court system is often considered the gold standard for fairness, it is not immune from people attempting to use it as a tool to turn a profit. The Consumer Financial...
April 16, 2019When it comes to shaping the regulatory and business environment to best serve the needs of banks and consumers, shortsightedness and lack of consistency may be two of the greatest obstacles facing the financial industry today. Speaking with Dodd Frank Update at CBA LIVE 2019 in Washington D.C., Consumer Bankers Association (CBA) President and CEO Richard Hunt detailed his views on the need for...
March 20, 2019The concept of applying for a loan at your bank or putting a purchase on a credit card hardly seems unusual. This was not always the case, however. As recently as the early 1900s, banks expected any loan or extension of credit to be secured by a tangible asset or salable good. In other words, if you wanted a loan, you needed to already own something. All of this changed in 1910 when an attorney...
