CBA - Consumer Bankers Association

10/22/2019 | Press release | Distributed by Public on 10/22/2019 22:44

CBA Commends House, Encourages Senate Action on Beneficial Ownership Bill

CBA Commends House, Encourages Senate Action on Beneficial Ownership Bill

WASHINGTON, D.C. - Following the U.S. House of Representatives' passage of the Corporate Transparency Act (H.R. 2513), Consumer Bankers Association President and CEO Richard Hunt issued the following statement thanking the bill's key sponsors, Reps. Carolyn Maloney (D-N.Y.), Pete King (R-N.Y.), Blaine Luetkemeyer (R-Mo.), and Emanuel Cleaver (D-Mo.) for their leadership and urging the U.S. Senate to consider the bipartisan legislation:

'CBA members work vigilantly and commit significant resources to ensuring criminals do not access the American financial system to launder ill-gotten gains. This legislation would strengthen those efforts by helping ensure criminal corporations are not formed in the first place.

'The Corporate Transparency Act strikes an important balance between limiting unnecessary burdens on small businesses while still providing law enforcement officials the necessary information to do their jobs. CBA encourages swift passage of this imperative legislation in the Senate and commends House supporters of the bill, especially Reps. Maloney, King, Luetkemeyer and Cleaver, for their commitment to preventing shell companies from carrying out illegal activities.'

NOTE: CBA, along with more than a dozen other trade associations, wrote House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.) last week encouraging swift passage of the Corporate Transparency Act. A copy of the joint trades letter 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.