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- July 28, 2020In a statement released shortly after Collins and Rubio spoke, Consumer Bankers Association President and CEO Richard Hunt called for more detail on how the loan forgiveness process would work. Hunt said that the most basic current process requires significant resources of a small business, and “Congress must improve the forgiveness language by providing crystal-clear, prescriptive guidance.”
- July 22, 2020“Wearing a mask at any businesses, especially a bank, just a few months ago would have raised a lot of eyebrows,” said Richard Hunt, president of the Consumer Bankers Association.
- May 7, 2020Consumer Bankers Association President and CEO Richard Hunt appeared on C-SPAN’s Washington Journal to discuss the vital role the leading retail banks are playing in helping small businesses through the Paycheck Protection Program. Hunt also noted the role banks with assets greater than $10 billion played in distributing more than 60 percent of loan volume and nearly 70 percent of loan value...
- May 4, 2020Economists and bank trade group executives attribute the reversal to more active participation of large banks, which were previously less efficient than some smaller banks in shuttling money, hampered by technical glitches and a lack of clarity in guidance from the government. “The program ran out of funds just when the larger banks were at full throttle and had other processes in place, “ said...
- May 3, 2020Consumer Bankers Association President and CEO Richard Hunt said there were “some hurdles along the way, but in the end, banks with assets greater than $10 billion invested heavily in ensuring this program was a success, making more than half of individual loans and more than two-thirds of the total loan dollar value during this second phase.” He said banks working with the SBA “were able to make...
- May 1, 2020Smoothing the forgiveness process is critical for the program to succeed, but a lack of government guidance on the related calculations and necessary documentation could land borrowers and banks alike with billions in unexpected debts. Spokespeople for the Treasury and SBA did not respond to requests for comment, but the agencies are aware of the issues said David Pommerehn, general counsel of...
- April 27, 2020Richard Hunt, CEO of Consumer Bankers Association, joins “Squawk on the Street” to discuss as a second round of funds is launched by the small business loan program.
- April 24, 2020On Tuesday, March 10, President Trump emerged from talks with U.S. senators on ways to stimulate the economy during the COVID-19 crisis, and said, “Just stay calm, it will go away.” Consumer Bankers Association CEO Richard Hunt heard a different tune the following day, when he met with Trump and other banking industry executives at the White House. On returning to CBA headquarters, he gathered...
- April 15, 2020That’s how fast the Small Business Administration has been providing delegated authority to lenders to disperse PPP loans. By mid-afternoon Wednesday, $5 billion in approvals was being granted every two hours. Consumer Bankers Association President and CEO Richard Hunt said on a conference call that the program might need $1 trillion before it’s done. “We think any hour now we’ll reach the $345...
- March 30, 2020“Previous guidance issued by regulators years ago cut off banks’ ability to offer customers short-term liquidity,” said Richard Hunt, the president and chief executive of the Consumer Bankers Association.