CBA’s Hunt Discusses Strength, Benefits of Nation’s Largest Banks

Nick Simpson

 

CBA’s Hunt Discusses Strength, Benefits of Nation’s Largest Banks

Says House Financial Services Committee Hearing “is a great opportunity for the CEOs to appear before the public and stress how much different the banking industry is versus 10 years ago. We are very positive about the future of banking.”

 

WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt today discussed the strength of the nation’s banking system with Yahoo Finance’s Adam Shapiro, Julie Hyman and Scott Gamm. Hunt also highlighted the investments the nation’s largest banks are making in local communities across the country and the potential consumer harm from nonbank lending institutions.

 

Click here or on the image for the full interview. Excerpts organized by topic are included below.

 

On the current strength of the industry and regulations:

  • “The banking industry is totally different than it was 10 years ago … Our capital ratios are much better. Our liquidity ratios are much better.”

 

  • The House Financial Services Committee hearing “is a great opportunity for the CEOs to appear before the public and stress how much different the banking industry is versus 10 years ago. We are very positive about the future of banking.”

 

  • Chairman “Jelena McWilliams of the FDIC said at our CBA LIVE conference last week the banking industry is very strong – zero bank failures last year, less banks on the troubled watch list.”

 

On community investments:

  • “We are investing some half trillion dollars back to communities to help them grow … Our banks serve one out of every three consumers in this country. We have money to lend. We are trying to make sure this economy is healthy for the very long term.”

 

On shadow banks and nonbank financial institutions:

  • “We welcome competition … [but] do [fintechs, nonbanks and shadow banks] have the same safety and soundness and credit underwriting as banks. Everybody can prosper in an upswing in the economy but what about the downturn, that is where I think consumers can be harmed.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.