CBA in the News
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.
March 18, 2020“More than 99 per cent of branches in the US are open,” said Richard Hunt, chief executive of the Consumer Bankers Association, which represents big banks with almost 40,000 branches between them, half the total in the US. He added that some banks had moved to drive-throughs only, to reduce crowds in accordance with the guidance of healthcare officials, while others are paring back their hours...
March 9, 2020Defenders and detractors alike have debated the constitutionality of the Consumer Financial Protection Bureau for years. Now, nearly a decade later, the U.S. Supreme Court is set to answer the question once and for all with a ruling in Seila Law vs. CFPB. Some legal scholars speculate the Supreme Court will make the director fireable “at will” instead of “for cause,” as Justice Brett Kavanaugh...
