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CBA Welcomes Treasury’s Community Reinvestment Act Recommendations, Encourages Regulatory Agencies to Modernize Law
WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Department of Treasury issued its memorandum and recommended changes on the Community Reinvestment Act:
“We welcome the Department of Treasury’s recommendations for modernizing a decades old law, last revised when mobile phones and digital technologies were in their infancy. The Community Reinvestment Act has long benefited low-and-moderate income consumers and families across the country, and CBA’s membership is fully committed to continuing to serve their local communities. However, bringing the law into the 21st century would allow banks greater flexibility to use mobile, online and other digital technologies to better interact with and serve consumers in their local communities,” said CBA’s President & CEO Richard Hunt.
“We look forward to working alongside Treasury as well as the OCC and other bank regulatory agencies to streamline and modernize the Community Reinvestment Act to ensure the law remains meaningful for future generations.”
Read CBA’s Executive Vice President and General Counsel Steven Zeisel’s op-ed on the topic in BankThink here.
About Consumer Bankers Association
The Consumer Bankers Association is the only national trade focused exclusively on retail banking. Established in 1919, the association is now a leading voice in the banking industry and Washington, representing members who employ nearly two million Americans, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans.