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CBA Statement on Bipartisan Senate Regulatory Reform Proposal
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Senate Banking Committee announced an agreement on bipartisan financial regulatory reform legislation:
“We appreciate the Senate’s bipartisan effort to enact regulatory reform which helps banks better serve American consumers and small businesses. The agreement makes some meaningful regulatory changes, including providing the Federal Reserve flexibility to make a more complete assessment when designating certain institutions systematically important. This is a significant first step and we urge Congress to continue working toward policies which consider risk rather than arbitrary asset thresholds,” said CBA President and CEO Richard Hunt.
“CBA strongly believes establishing a bipartisan commission at the CFPB is necessary and we encourage the Senate to act on legislation to bring about this structural change. A commission would preserve the Bureau as a strong, stable and effective regulator regardless of which political party occupies the White House.”
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.