Media Releases
March 1, 2022Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released the Q4 2021 Quarterly Banking Profile: “The FDIC’s fourth quarter profile reiterates the important role banks continue to play in fueling our nation’s economic recovery. Accelerating deposit growth and improving credit quality serve as...
February 24, 2022This morning, Citigroup became the latest bank to announce sweeping changes to their overdraft policies, joining a growing share of CBA members who have unveiled innovative overdraft solutions to meet evolving consumer demands. As a result, families now benefit from the ability to choose a financial institution within the highly competitive banking industry that offers the financial tools that...
February 16, 2022Driven by consumer demand and a desire to provide the best banking experience available – whether at a branch or on an app – the banking industry is in the midst of a dramatic digital transformation. Last month, as part of a new blog series – Driving the Digital Revolution – CBA highlighted the latest efforts from CBA members Berkshire Bank, PNC Bank, US Bank, and JPMorgan Chase to enhance their...
February 10, 2022The Consumer Financial Protection Bureau (CFPB) last month launched a new initiative to better understand fees charged by banks and other financial institutions, with a specific emphasis on overdraft fees. The launch marked the latest attempt by the CFPB to attack the banking industry with extreme rhetoric, making unsubstantiated claims that could ultimately create more harm for the very people...
February 10, 2022In a new letter sent yesterday to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Consumer Bankers Association (CBA) President & CEO Richard Hunt urged the Bureau to extend its supervisory authority over small business fintech lenders, who operate outside the regulatory purview of the Bureau and do not abide by the same federal oversight requirements as traditional banks...
February 9, 2022A new study from PYMTS and Amount, a leading financial technology provider, found an overwhelming majority of buy now, pay later (BNPL) users would prefer using a version of the service through their bank, rather than through a fintech provider. The study, based on a survey of more than 2000 U.S. consumers, also concluded banks have a unique opportunity to increase their market share in the fast-...
February 3, 2022Ahead of FDIC Chairman Jelena McWilliams’s effective resignation tomorrow Consumer Bankers Association (CBA) President & CEO Richard Hunt released the following statement commending her for her years of service to the banking industry and the millions of Americans the agency serves: “Chairman McWilliams has served our nation and the banking industry with professionalism and class. As the head...
January 31, 2022As a modern-day alternative to traditional layaway, “Buy Now Pay Later” (BNPL) credit is taking the nation by storm and the number of Americans using these products has climbed 300% every year since 2018. In two new op-eds appearing in American Banker last week, the Consumer Bankers Association (CBA) and the Center For Responsible Lending (CRL) warned the added convenience of BNPL may also bring...
January 27, 2022In a new op-ed appearing in American Banker, Consumer Bankers Association (CBA) Assistant Vice President & Regulatory Counsel, Brian Fritzsche, examines the rapid growth of “But Now Pay Later” (BNPL) while advocating for policymakers to ensure all families receive the highest level of consumer protections, whether they choose a fintech, Big Tech, or a traditional bank to meet their needs...
January 26, 2022Consumer Bankers Association (CBA) President and CEO Richard Hunt today released the following statement after the Consumer Financial Protection Bureau (CFPB) launched a new initiative examining fees charged by banks and financial companies: “This is fuzzy math at its best and political theater at its worst, and another attempt by the Bureau to fearmonger without any credible data to back it up...
