CBA Statement on the President’s Remarks on the Anniversary of the Financial Crisis

September 16, 2013

Washington, D.C. (September 16, 2013) – Richard Hunt, President & CEO of the Consumer Bankers Association, issued the following statement upon President Barack Obama’s remarks on the anniversary of the financial crisis:

“Five years removed from the start of the financial crisis, the retail banking industry is stronger and sounder. Key indicators as published by the FDIC including the lowest level of loan losses since 2007 and eight consecutive quarters with no new banks added to the FDIC’s ‘problem’ list illustrate an industry on the mend. While no one can guarantee there will not be another financial crisis, the retail banking industry, thanks to capitalization requirements, improved products and business measures, are much less likely to be a contributor to that crisis and is better prepared if one may come.

“The industry learned tough lessons from the financial crisis and has acted on them. We have recommitted ourselves to our customers. While reforms are being implemented, now is not the time to be searching for additional regulation which could bring down an industry key to our nation’s economy.”

About CBA
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.

For more information, please contact Tom Crosson, tcrosson@cbanet.org, (703) 869-1246, or visit www.cbanet.org.