Media Releases
September 21, 2023Policymakers in Congress continue to advocate for legislative proposals seeking to create an all-in annual percentage rate (APR) cap for credit cards, including Senator Josh Hawley (R-Mo.) who recently introduced legislation that would do just that by imposing government price controls on the world’s most competitive and reliable credit card marketplace. While imposing caps on credit card...
September 21, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals under the Small Business Regulatory Enforcement Fairness Act (SBREFA) for the Fair Credit Reporting Act (FCRA): “The nation’s leading retail banks remain fully committed to protecting the personal financial...
September 20, 2023In a new letter sent today, eight leading financial groups representing virtually all banks and credit unions voiced their opposition to the Capping Credit Card Interest Rates Act, a misguided proposal from Senator Josh Hawley (R-Mo.) that would impose government price controls on credit cards and effectively harm the very people the legislation seeks to protect. As outlined in the letter, Sen...
September 15, 2023Today, 11 trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, released the following joint statement opposing the effort by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) to attach their proposed credit card routing legislation (S. 1838) to the Military Construction, Veterans Affairs, and...
September 13, 2023In a new letter sent to the U.S. House Committee on Small Business (Committee), the Consumer Bankers Association (CBA) and other leading financial groups encouraged lawmakers to work towards a bipartisan solution in response to issues arising from recent policy changes made to the 7(a) program by the Small Business Administration (SBA). Specifically, the letter identifies key industry priorities...
September 13, 2023WASHINGTON, D.C. – The Consumer Bankers Association (CBA) today elected Eastern Bank’s Quincy Miller as Chair of its Board of Directors. Miller serves as Eastern Bank’s President and Vice Chairman and will assume the role of CBA Chair following the successful tenure of USAA’s Head of Retail Banking Ryan Bailey. Bailey will remain on the Board as Immediate Past-Chair. Citizen Financial Group’s...
September 11, 2023The Consumer Bankers Association and the Bank Policy Institute (“the Associations”) addressed misconceptions surrounding medical payment products in a letter today to the Consumer Financial Protection Bureau, the Department of Health and Human Services and the U.S. Treasury Department (“the Agencies”). The Agencies issued a request for information in July that wrongly asserts that “medical...
September 9, 2023WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson tonight released the following statement after the U.S. District Court for the Eastern District of Texas granted CBA and other plaintiffs’ motion for summary judgment, and denied the counter-motions by the Consumer Financial Protection Bureau (CFPB), in a case against the CFPB challenging the legality of...
September 7, 2023In a new letter sent to the Consumer Financial Protection Bureau (CFPB or Bureau), the Consumer Bankers Association (CBA) highlighted the important use of information – that the Bureau may define as ‘credit header data’ – by banks for identity verification and fraud prevention. The letter also details the ways in which these consumer protection measures by banks may be impacted by defining this...
August 31, 2023What’s Happening The financial services ecosystem has rapidly evolved over the past decade, driven largely by the growth of fintechs and other non-bank entities increasingly offering products and services that have traditionally only been offered by well-regulated banks. This is especially true today in the peer-to-peer (P2P) payments market, which is largely controlled by fintech companies like...
