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CBA Says Treasury Report on Financial Regulation a Great First Step
Washington, D.C. (June 12, 2017) – Consumer Bankers Association (CBA) President and CEO Richard Hunt today issued the following statement in response to the U.S. Department of Treasury’s first report on Core Principles of Financial Regulation.
“The Treasury Department’s report is an important first step in recognizing how a duplicative and onerous regulatory environment harms banks, the economy, and, more importantly, consumers,” said President and CEO Richard Hunt. “It is imperative to right-size regulation to better promote the strengths of the banking industry, which contribute to economic growth, access to credit, and consumer choice.
“We especially applaud Secretary Mnuchin and the Department for suggesting reforms to the CFPB’s governing structure, as CBA believes a bipartisan commission at the Bureau is paramount to creating long-term stability and certainty for the industry. In addition, we are also encouraged by the Department’s recommendation to provide a process over federal regulators to streamline regulatory efforts.
“We appreciate the Department’s report, as it offers pragmatic solutions in line with today’s economic needs.”
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.