CBA - Consumer Bankers Association

01/27/2021 | Press release | Distributed by Public on 01/27/2021 17:53

CBA Writes Congress on Consumer Finance Legislative Agenda

CBA Writes Congress on Consumer Finance Legislative Agenda

WASHINGTON - The Consumer Bankers Association yesterday afternoon wrote the leadership of the Senate Banking, Housing and Urban Affairs and House Financial Services committees to discuss legislative issues affecting consumers and financial institutions as well as the work banks have done to assist consumers during COVID-19, including implementing the Paycheck Protection Program, extending CARES Act relief and offering additional assistance to customers.

'We look forward to partnering with you to advance our shared objectives of improving financial access and inclusion for all Americans, ensuring a level regulatory playing field for all institutions and providing the necessary consumer protections for the products and services our customers require to meet their economic needs,' CBA President and CEO Richard Hunt wrote in the letters.

CBA's core priorities for the upcoming year include:

  • Drive the Industry's COVID Response Efforts
  • Champion the Consumer Benefits of Retail Banking
  • Advocate for Sound Banking Policy
  • Redouble Diversity, Equity, and Inclusion Efforts

More information on CBA's priorities is available here.

In addition to the above, the letter also outlined specific items on which CBA will work with the House and Senate committees. Some of those items are below:

  • Modernize the Community Reinvestment Act
  • Improve Anti-Money Laundering Protections
  • Preserve the Original Intent of Industrial Loan Companies (ILC) Charters
  • Create a Level Playing Field with Fintech / Payments Charters
  • Modernize Brokered Deposits Framework
  • Clear Guidance for Loans Sold Into Secondary Markets
  • Provide Consumers Access to Credit Through Regulated, Bank-Issued Small-Dollar Loan Products
  • Finance Secondary Education
  • Structural Reform at the Consumer Financial Protection Bureau

A copy of the letter, which includes more information on each issue, to the House Financial Services Committee is available here and the Senate Banking Committee is available here.

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America's leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA's corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.