CBA Statement on CFPB’s UDAAP Announcement

January 24, 2020
Nick Simpson

CBA Statement on CFPB’s UDAAP Announcement

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau provided a framework for how the Bureau will apply the “abusiveness” standard in supervision and enforcement matters:

 

“Defining the CFPB’s interpretation of its UDAAP authority will assist consumers as well as financial institutions working to meet their customers’ needs by offering safe and sound banking products within a well-regulated industry. We applaud the Bureau for issuing this statement that provides regulatory clarity.”

 

###

 

 

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.