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CBA Statement on CFPB Proposal to Ease Privacy Disclosure Requirements
Washington, D.C. (May 6, 2014) – Richard Hunt, President and CEO of the Consumer Bankers Association, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule to ease privacy disclosure requirements for financial institutions that limit the amount of customer data they share with outside firms:
“Many consumers already access account notices and documents via the internet. Today’s announced proposal would allow banks the ability to continue to serve customers in a 21st century manner, while reducing waste and carbon impacts associated with snail mail.”
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.