CBA Statement on CFPB Checking Account Field Hearing

February 3, 2016

Washington, D.C. (February 3, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the CFPB's field hearing today which focused on checking accounts:

“CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear terms. Above all, we believe consumer choice should always be the cornerstone for market products and services. For the very small percentage of consumers who may not wish to have or may not be eligible for a traditional checking account, many of our member banks offer alternative accounts so these consumers will be able to continue to bank within the well-regulated banking system. We look forward to the continued examination of this issue and working with all interested parties to come to practical solutions that will benefit consumers,” said CBA’s President and CEO Richard Hunt.

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
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The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Maggie Seidel, mseidel@consumerbankers.com, (571) 447-0197 or visit www.consumerbankers.com.

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