CBA in the News
October 3, 2018CBA President and CEO Richard Hunt penned this op-ed on the state of student lending, college debt and ways to address this looming crisis. In the piece, he corrects some of the most common myths surround student lending as well as some of the policy proposals CBA has recommended to ensure federal funds help those most in need while helping students and parents responsibly finance higher...
September 14, 2018Financial trade organizations voiced support for the bill in a Sept. 12 joint letter to the committee. The groups, including the American Bankers Association, the Consumer Bankers Association, and the Credit Union National Association, said they backed committee action on the bill as a step toward comprehensive data breach legislation for all entities that collect and use sensitive personal and...
September 13, 2018The Consumer Bankers Association (CBA) has endorsed U.S. Bank’s new Simple Loan product, which provides a more cost-effective option for short-term loans for consumers. “U.S. Bank’s goal is to fulfill a customer need. This program – and others like it offered by retail banks – are essential for consumers faced with financial emergencies,” CBA President and CEO Richard Hunt said. “I am...
September 10, 2018During a recent interview, incoming CBA Board Chair, Todd Barnhart of PNC Bank, discussed our legislative and regulatory priorities for the upcoming year. CBA will shift its lobbying efforts to focus primarily on federal regulators rather than lawmakers. At the CBA, which represents dozens of large and midsize institutions, one particular focus is the recently launched process of modernizing the...
August 28, 2018The Office of the Comptroller of the Currency kicked off a process Tuesday that could lead to an overhaul of regulations around bank lending in underserved areas. Consumer Bankers Association President Richard Hunt, whose organization has recommended CRA changes similar to Treasury’s, said Tuesday that Otting is to be “commended for his dedication to updating this important law. Banks have a...
August 28, 2018On August 28, The Office of the Comptroller of the Currency issued more than 30 questions Tuesday asking the public how it can revamp a 40-year-old law that grades banks on their lending to low-and-moderate income communities. “Banks have a continuing responsibility to meet the credit needs of their communities, but in recent years banking has seen major changes,” said Richard Hunt, president and...
August 28, 2018A national banking regulator took the first step Tuesday toward rewriting rules for lending in lower-income neighborhoods, an effort that could allow institutions to redirect billions of dollars spent on loans and investments. In a release seeking feedback from the public, the Office of the Comptroller of the Currency proposed new approaches to evaluating banks on their reinvestment activities. “...
August 9, 2018Bloomberg Law August 9, 2018 Banks May Need More Than Trump Push to Offer Small-Dollar Loans By Evan Weinberger It may take more than encouragement from the Trump administration for banks to re-enter the market for small-dollar loans after a five-year absence. Concerns over profitability and shifting political winds could keep banks on the sidelines even though the Treasury Department and the...
August 6, 2018Booker wants to bar banks from charging ‘unfair’ overdraft fees By Joe Hernandez August 6, 2018 In a move to end an “unfair” practice he said traps consumers in a “vicious cycle of poverty,” U.S. Sen. Cory Booker of New Jersey has introduced a bill that would prohibit banks from charging customers certain overdraft fees. When an account holders cut a check or swipes a debit card for a transaction...
July 12, 2018“Banks have long supported community financial education efforts and have provided free financial education tools through multiple channels to all consumers, regardless of a bank-customer relationship,” David Pommerehn, CBA vice president and associate general counsel, said. “Most importantly, CBA strongly urges the Bureau to focus more attention on youth-based education opportunities...
