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CBA Statement on Deposit Advance Products
Jean Marie Bunton
Washington, D.C. (April 24, 2013) – Statement of Richard Hunt, President and CEO, Consumer Banker's Association:
"CBA believes all products should be offered in a clear and transparent manner, and no product should force consumers into a "debt trap".
CBA member banks who offer deposit advance products already mandate "cooling off" periods for consumers.
Many consumers rely on short term loan products for life events and during tough economic conditions. We look forward to working with all regulators to ensure all financial entities provide these products in a transparent manner."
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.