CBA Statement on Senate Consideration of Bipartisan Banking Bill

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Senate’s bipartisan vote to begin debate on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act

“This is a good, bipartisan effort to improve a bill passed nearly eight years ago. We commend Chairman Crapo and the bipartisan cosponsors for their commitment to helping banks serve customers. Tailoring costly provisions will allow many U.S. banks to free up capital for consumers and small business loans instead of diverting funds to pay for compliance costs that do not contribute to economic growth. Congress should continue conducting responsible, commonsense reviews of existing rules to ensure financial regulations are protecting consumers and helping grow the American economy.

“The inclusion of online banking provisions will help streamline the process for millions of Americans wishing to open bank accounts electronically and ensure consumers are protected by the participating bank's identity theft and financial fraud policies.

“Any claims this bill rolls back Dodd-Frank are disingenuous. Regulators appointed by Presidents from both parties as well as leading experts have noted the legislation not only preserves the key elements of the Dodd Frank Act, it also gives federal agencies flexibility in fulfilling their oversight missions.

“While this bill is a needed review, it falls short in addressing reforms to the Consumer Financial Protection Bureau and other aspects of the Dodd-Frank Act. First, Congress should create a bipartisan, Senate-confirmed commission at the CFPB to provide greater stability and balance to one of our country’s most powerful regulators. Congress should also establish an activities-based approach when measuring risk. This would ensure regulators can provide oversight of financial institutions based on actual risk to the economy instead of an arbitrary number.

“We encourage Congress to act on these needed reforms.”

NOTE: Hunt recently discussed the legislation with Bloomberg TV. You can watch the full interview here. You can also read a USA TODAY op-ed penned by Hunt on the need for a CFPB commission here.


About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.