Media Releases
January 19, 2022Consumer Bankers Association President and CEO Richard Hunt today released the following statement after federal regulators approved SoFi Technologies’ acquisition of Golden Pacific Bancorp, Inc. and its wholly owned subsidiary Golden Pacific Bank, N.A., which has a national bank charter issued by the Office of the Comptroller of the Currency (OCC): “We commend SoFi for assuming the broad...
January 12, 2022In a new letter sent yesterday to members of the Federal Deposit Insurance Corporation (FDIC) Board of Directors, including Chairman Jelena McWilliams, Director Martin J. Gruenberg, Acting Comptroller of the Currency, Michael Hsu, and Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, Consumer Bankers Association (CBA) President & CEO Richard Hunt urged the agency’s...
January 11, 2022The Consumer Bankers Association (CBA) and Small Business Financial Exchange (SBFE) today released the Q3 2021 Small Business Lending Trends analysis , examining key credit information for America’s small businesses. The report, which is released quarterly, found that even as new credit accounts increased slightly from the previous quarter, small businesses continued to be cautious and...
January 6, 2022The Consumer Bankers Association, in a comprehensive comment letter to the Consumer Financial Protection Bureau (CFPB), outlined recommendations to protect and expand access to credit for small businesses and underserved communities. The letter follows the Bureau’s Notice of Proposed Rulemaking (NPRM) in September 2021 to expand data collection requirements for financial institutions in the small...
January 4, 2022This week, the Consumer Financial Protection Bureau (CFPB) will receive input from stakeholders in response to its Notice of Proposed Rulemaking (NPRM) to expand data collection requirements for financial institutions in the small business lending market under Section 1071 of the Dodd-Frank Act. Here’s what’s happening, why it matters and how the CFPB can protect access to credit for small...
December 31, 2021Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after the Chairman of the Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, announced her intent to resign effective February 4, 2022: “As the head of the FDIC, Chairman McWilliams has served her nation and the banking industry with honor and distinction. Throughout this pandemic, she...
December 29, 2021Consumer Bankers Association President and CEO Richard Hunt today issued the following statement reflecting on the last year and looking ahead to 2022: “In spite of continued challenges, CBA over the last year was proud to deliver on behalf of our membership, whose unyielding commitment to the communities they serve has helped fuel America’s recovery, drive our nation’s economic growth and...
December 16, 2021Consumer Bankers Association President and CEO Richard Hunt today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of five fintech companies offering “buy now, pay later” (BNPL) credit, including: Affirm, Afterpay, Klarna, PayPal, and Zip. “It’s good to see the CFPB take this much-...
December 13, 2021In a new op-ed appearing tonight in The Hill ahead of the scheduled open meeting at the FDIC tomorrow, Consumer Bankers Association (CBA) President & CEO Richard Hunt explains why recent actions by Board Members at the FDIC, an agency which has operated openly and publicly for nearly 90 years, are so disconcerting not just for banks, but for the country at large. To read the full op-ed click...
December 10, 2021On Wednesday, Acting Comptroller of the Currency Michael Hsu spoke on the state of the overdraft market in the United States, highlighting the important need to provide safe and affordable short-term liquidity options for consumers within the well-regulated, well-supervised banking system. Amidst a renewed focus from policymakers on examining overdraft practices, Hsu’s observations and...
