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- January 8, 2020Richard Hunt, president and CEO of the Consumer Bankers Association, said the Fed should formally release its proposal to receive public comment on it. Many of Ms. Brainard’s points and suggestions were already incorporated into the joint OCC and FDIC plan, he added.
- January 6, 2020“I find it hard to believe we have people who are opposed to more transparency, more consistency,” said Richard Hunt, president of the Consumer Bankers Association, who said his member banks are still studying the proposal but are pleased with its overall direction.
- January 2, 2020The Consumer Bankers Association has pushed for a compromise that would protect the CFPB head from presidential firings but have the director answer to a bipartisan commission to oversee the agency. “If the Court determines the Bureau’s single-director structure is unconstitutional (and assuming the Court cannot itself create the bipartisan commission Congress would have desired), the appropriate...
- December 17, 2019Several amicus briefs, including those from the Consumer Bankers Association and the Credit Union National Association , argued that if the Supreme Court decides the CFPB’s structure is unconstitutional, it must strike down all of the Dodd-Frank provisions creating the bureau. Both groups, whose members are regulated by the CFPB, argued, like Seila, that it’s up to Congress to decide how to...
- December 12, 2019An industry lobbying group, the Consumer Bankers Association, called the overhaul a “generational opportunity,” with President Richard Hunt saying in a statement that the OCC and FDIC deserve credit “for tackling this herculean effort and working with banks, community groups and other stakeholders to get it right instead of simply getting it done.”
- November 18, 2019The Consumer Bankers Association, which represents many retail banks in the U.S., says that its members work with merchants to make sure payment requirements are clear. But those details may not always be communicated sufficiently by a store employee. "If I'm in a mall and I'm at a store and I'm offered a card at the point of sale ... I can see a situation in which the consumer isn't given full...
- October 18, 2019Consumer Bankers Association President and CEO Richard Hunt cheered the news that the high court would consider the Seila Law case. “The Supreme Court will finally put the constitutionality of the CFPB’s leadership structure to rest, but regardless of the outcome, a sole director calling all the shots will never provide the long-term stability consumers deserve and the well-regulated financial...
- October 11, 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...