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CBA Statement on CFPB Checking Account Event
Washington, D.C. (October 8, 2014) – CBA’s President and CEO Richard Hunt issued the following statement after CFPB Director Richard Cordray delivered remarks at a CFPB forum today which focused on checking accounts.
“CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear terms. Our members make every possible effort to open checking accounts for interested consumers, but must comply with federal rules and regulations to ensure safety and soundness of the financial institution. This includes steps to guard against illegal or fraudulent activity. For the very small percentage of consumers who may not be eligible for a traditional checking account, many of our banks offer alternative accounts so they may be able to bank within the highly regulated banking system. We look forward to the continued examination of this issue and working with all interested parties to come to practical solutions that will benefit consumers.”
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 two-thirds 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.