Publication

What bankers want from CRA reform

Congress enacted the Community Reinvestment Act in 1977 to ensure banks continued serving the financial needs of their communities. Through CRA and other projects, banks are now investing more than a $100 billion each year into low- and moderate-income neighborhoods.

Robinhood’s stumble is a wake-up call

For nearly 90 years, U.S. deposit accounts have been the gold standard for security, safety and soundness. Strong regulations to ensure banks have a solid foundation serve as the first line of defense, but the Federal Deposit Insurance Corp. plays an important role as a backstop protecting consumers’ deposits.

Federal regulators encourage banks to innovate to protect against illicit activity

The Consumer Bankers Association called this action an important first step in improving the current BSA/AML regulations and guidelines.

Bank-friendly Senate Democrats fall in midterms, in blow to industry

But ultimately, having more Republicans in the Senate is perhaps more useful, said Richard Hunt, head of the Consumer Bankers Association. That’s because moderate Democrats were still hesitant to support initiatives helpful to industry for fear of blowback from their more progressive colleagues, he said.

Consumer Bankers Association explores potential of CFPB education programs

“Banks have long supported community financial education efforts and have provided free financial education tools through multiple channels to all consumers, regardless of a bank-customer relationship,” David Pommerehn, CBA vice president and associate general counsel, said. “Most importantly, CBA strongly urges the Bureau to focus more attention on youth-based education opportunities.

CFPB makes it official: Changes to payday rule coming in new year

Richard Hunt, president and CEO of the Consumer Bankers Association, said the bureau should consider all aspects of the rule, not just the ability-to-repay requirements, “to prevent unintended consequences for loans the original rule was not intended to cover.”

The Finance 202: Trump-era rollback of Dodd-Frank leaps forward

The proposal earned praise from outgoing House Financial Services Chairman Jeb Hensarling (R-Tex.), who said in a statement he wishes it went further but it nevertheless provides “much needed clarity.” And Consu

The Facts on Student Debt and How to Tackle It

CBA President and CEO Richard Hunt penned this op-ed on the state of student lending, college debt and ways to address this looming crisis. In the piece, he corrects some of the most common myths surround student lending as well as some of the policy proposals CBA has recommended to ensure federal funds help those most in need while helping students and parents responsibly finance higher education goals without taking on debt they will never be able to repay.

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