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Checking Account Disclosures
CBA believes that making banking functions transparent and upfront to consumers is a vital part of the bank-consumer partnership. We remain concerned about legislation or regulation that may go too far and actually cause consumers more financial harm than good. For example, a prohibition on overdraft protection programs, or rules so onerous that they act as de facto restrictions, could hurt consumers more than benefit them. CBA stresses improved information to consumers and better financial education.
- September 2, 2014August 15, 2014Is $20 Billion the New $10 Billion? The retail banking industry is very familiar with banks taking steps not to pass the $10 billion asset mark in order to avoid the associated massive regulatory and compliance costs. Consider Cathy Nash who sold Citizens Republic Bancorp when it reached $9.7 billion in assets to FirstMerit in 2012. Now there is another reason – the cut in interchange fees. The...August 6, 2014August 1, 2014CBA Testifies Before Senate Banking Committee This week, I testified before the U.S. Senate Banking Committee on the state of the private student loan industry and campus financial products. This was an opportunity to demonstrate the excellent performance and repayment metrics of private student loans. Compared with federal loans, which have a 15% default rate, private loans are getting it right...July 16, 2014July 16, 2014June 17, 2014Increased regulatory oversight and consumer protection laws have put considerable pressure on banks and financial services organizations. For many, the burden of meeting new regulatory requirements translates into higher processing and operational costs. In fact, a 2013 survey from Deloitte Consulting found that 65 percent of financial institutions reported an increase in the cost of compliance,...June 3, 2014May 22, 2014April 11, 2014Chairman Threatens CFPB Subpoena for Discrimination Investigation On Thursday, April 10, 2014, Chairman of the House Financial Services Subcommittee on Oversight and Investigation Patrick McHenry, sent a letter to CFPB Director Cordray informing him of the Committee’s plans to hold additional hearings on allegations of discrimination at the CFPB. Rep. McHenry cautioned that should Director...