CBA Statement on CFPB Request for Input on a “Safe Student Account Scorecard”

CBA’s President and CEO Richard Hunt issued the following statement after the CFPB released a request for input on a “Safe Student Account Scorecard.”

“CBA’s members pride themselves on the transparent relationships they maintain with a number of higher learning institutions and their students. Many of the concerns outlined in the CFPB’s request for information are based on an antiquated study which primarily focuses on the wrongdoings of one non-bank institution and are not based on the actions of our depository institutions which must abide by strict federal disclosure rules and account opening procedures. CBA’s members will continue to support a transparent market which offers products that are safe and clearly explained to students. Additionally, as the U.S. Government Accountability Office found in their report, campus products offered by CBA members often provide great benefit to students. These products promote ease of use for students and encourage them to participate in our nation’s highly regulated banking system, while helping to lower the cost of tuition.”

About CBA

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.
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The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, tcrosson@consumerbankers.com, (703) 869-1246 or visit www.consumerbankers.com.