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CBA Statement on the CFPB’s College Credit Card Agreement Report
Washington, D.C. (December 15, 2014) – CBA’s President and CEO Richard Hunt issued the following statement in response to today’s release of the CFPB report on College Credit Card Agreements:
“We agree students need clear information to make intelligent choices that will benefit their experience with financial services and products. Banks and schools often work together to provide students with financial education resources, safe and secure debit cards, low or no-fee checking accounts and access to convenient on-campus branches and ATMs. Students are never required to use any product or service. Further, it remains unclear how posting proprietary contracts would benefit consumers, and what evidence exists which shows consumers are being harmed by these agreements.”
Founded in 1919, the Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding well over half of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.