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CBA Statement on OCC’s Call for Responsible Innovation
Washington, D.C. (March 31, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the OCC’s Thomas J. Curry, Comptroller of the Currency, before the Harvard Kennedy School’s New Directions in Regulation Seminar:
“We appreciate the OCC’s engagement on this issue because policies written decades ago do not reflect today’s environment. We all are deeply committed to meeting the banking needs of all our communities. It is important to remember consumers are driving this evolution. Our regulators must be fully immersed in this new world of technology and consumer demand. They must understand the needs and wishes of the consumers as well as we do. Consumers are no longer restricted to a physical branch, especially since they can do their banking from a city bus.
“Here’s the bottom line: In order for the banking industry to fully innovate as their customers demand, and firmly establish ourselves in their hearts, minds, and smartphones, we must have a regulatory framework that can adapt to today’s fast-paced, ever-evolving marketplace,” said CBA’s President and CEO Richard Hunt.
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 Maggie Seidel, email@example.com, (571) 447-0197 or visit www.consumerbankers.com.