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ICYMI: CBA’s Johnson Supports Strong Consumer Protection Regulation, Urges Regulators to Follow the Law
WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson delivered keynote remarks at a policy luncheon hosted by Women in Housing and Finance (WHF) last week in Washington, D.C. During the event, Johnson, who previously served as WHF President from 2018-2019, addressed many of the pressing policy issues facing the industry today.
Below are key excerpts as delivered by Johnson:
On The Need For Regulators To Work In Tandem With Industry
“We believe that there should be very strong regulation for consumer protection. […] We do believe that the regulators need to follow the rule of law, but there needs to be really clear and consistent standards that banks can follow, ultimately to the benefit of the consumer.
“We may not agree fully with every rule or regulation, but consumers and the nation are better off when banks have a seat at the table and can provide input on how a specific policy proposal may impact the millions of consumers and small businesses they serve. […] You get a better outcome when the regulator listens and when they really do take into account different perspectives and use all the data and analysis available to them to come up with the best solutions.”
On The Concerning Rise In Ideologically Driven Rhetoric That Mischaracterizes The Banking System
“More and more, we’ve seen inflammatory rhetoric from policymakers across the ideological spectrum – from Congress to the CFPB – that fundamentally mischaracterizes an industry that is so important not only to the broader economy but to Main Streets across this country. […] Moving forward, we're going to be vocal about making sure that policymakers on both sides of the aisle recognize the impact this has on consumers’ trust in their bank and the banking system, at large.”
On How The Industry Is Focusing On Emerging Trends & Technology
"Each of our members are looking at what's ahead for the industry very differently – whether it's emerging technology like A.I. and how they can use that more effectively to meet consumers' needs, how they're working to bring more individuals into the banking system, as well as how they are promoting financial health for [all consumers]. I think we have to be collectively thinking about this as an industry.”
On The Need For A Level Regulatory Playing Field
“From a competitive standpoint, CBA has reiterated the need for policymakers to institute a level regulatory playing field between federally-supervised banks and new entrants to the market that offer traditional financial products without the stringent requirements our members adhere to, ultimately putting consumers at greater risk. They're not held to the same data, privacy and consumer protection standards. So, we are very focused on making sure that is being addressed by the different regulatory agencies."
Read more about CBA’s regulatory and legislative recommendations ahead of last year’s CFPB semi-annual address to Congress HERE.
Read CBA’s statement on the U.S. District Court’s ruling challenging the legality of the CFPB’s Unfair, Deceptive, or Abusive Acts or Practices exam manual HERE.