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CBA Statement on CFPB FICO Score Action
Washington, D.C. (February 27, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in response to Consumer Financial Protection Bureau Director Richard Cordray’s call for banks to “strongly consider” providing customers with FICO scores on a monthly basis:
“CBA supports relevant efforts to expand consumer financial awareness and understanding, but it must be both understandable and useful for the consumer. There are numerous factors considered in weighing a consumer’s credit portfolio – not just a credit score. The CFPB rightly points to the value of credit information and appears to be approaching this issue informally in order to allow each financial institution to create a workable solution. However, no institution that receives a letter from its regulatory agency ‘strongly encouraging’ an action views the request benignly.”
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.