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Statement of Richard Hunt, CBA President and CEO, in response to the CFPB’s Report on Overdraft
Washington, D.C. (June 11, 2013) – The CFPB ought not adopt any policy that drives America’s families to unregulated industries with riskier and costlier alternatives. Consumers have the right to choose the products and features which best provide for their family’s daily financial needs. Fortunately, the marketplace for checking accounts is extremely competitive and banks make every effort to educate their customers about the options available to them.
CBA will continue to work with the CFPB on these issues of concern to our member banks and the customers they serve.
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.