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CBA Statement on Federal and State HELOC Guidance
Washington, D.C. (July 1, 2014) – Richard Hunt, President and CEO of the Consumer Bankers Association, released the below statement today following the issuance of guidance by federal and state regulators on repayment of home equity lines of credit (HELOC’s):
“CBA’s member institutions have been notifying and diligently working with their customers well in advance of the end of their loan’s draw period in order to help prepare them to enter the repayment phase. Consumers and banks share the responsibility of a loan. Our banks are taking all steps to help their customers and we look forward to continuing to work with consumers as they enter the repayment phase of their HELOC.”
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.
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, firstname.lastname@example.org, (703) 869-1246 or visit www.consumerbankers.com.