CBA Statement on White House Proposal to Fund Small-Dollar Loan Program
Washington, D.C. (February 9, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the Obama administration’s proposal to fund a program that would offer small-dollar loans through Community Development Financial Institutions, according to the fiscal-year 2017 budget proposal released today:
“President Obama is right to recognize that low- and moderate-income American families often need access to short-term liquidity. As we have said many times, however, here is the problem: Our own government, namely the OCC and FDIC, essentially eliminated a very popular bank product which helped many of these working families make ends meet. The result has been extremely costly to consumers who now pay much higher interest rates through the payday and other nonbank industries,” 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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