Richard Hunt, president and CEO of the Consumer Bankers Association, said the Fed should formally release its proposal to receive public comment on it. Many of Ms. Brainard’s points and suggestions were already incorporated into the joint OCC and FDIC plan, he added.
The Consumer Bankers Association has pushed for a compromise that would protect the CFPB head from presidential firings but have the director answer to a bipartisan commission to oversee the agency.
“I find it hard to believe we have people who are opposed to more transparency, more consistency,” said Richard Hunt, president of the Consumer Bankers Association, who said his member banks are still studying the proposal but are pleased with its overall direction.
If Amazon, Google, Facebook and Apple were banks, would consumers trust them their money?
Two separate studies released this month attempted to answer that question, and what they found was that most consumers would still prefer to stash their savings in traditional banks.
The Community Reinvestment Act is more than 40 years old and has only been significantly amended once, in the mid-1990s when cellphones still played the snake game and there was a Blockbuster video on every corner.
When private student lenders make loans, they are required to tell borrowers not just the interest rate and loan amount, but also the total they will owe after finishing school and what their estimated monthly payments will be. The new chair of the Consumer Bankers Association says the federal government should have to do the same.
Nitin Mhatre has been elected Consumer Bankers Association (CBA) chairman of the Board of Directors.
Mhatre serves as executive vice president and head of Community Banking at Webster Bank. Terms for CBA’s Board of Directors run from September to September.
Mhatre succeeds Todd Barnhart, executive vice president and retail distribution executive at PNC Bank. He will remain on the Board as Immediate Past Chair.