CBA: CFPB’s Latest RFI “Not Based On Facts Or Reality”

In response to a new Request for Information, launched earlier this week by the Consumer Financial Protection Bureau (CFPB), regarding customer service experiences at large financial institutions, Consumer Bankers Association (CBA) President and CEO Richard Hunt reiterated consumers’ satisfaction with America’s leading banks, which continue to develop new financial innovations to enhance the customer experience:

“It’s unfortunate the Bureau continues to advance their own pre-determined narrative not based on facts or reality and without recognition of the significant impact bankers have in the lives of the very people the agency is tasked with serving.

“For bankers across America, providing customers with the highest level of service is at the heart of everything they do. The commitment to help communities thrive – in good times and bad – was never more evident than during the height of the COVID-19 pandemic, when bankers worked 24/7 to administer millions of PPP loans to support small businesses while also risking their own health and safety to meet customers in-person at their local branch.

“Customer feedback and satisfaction also drives bank-led innovation, whether through the advent of mobile platforms, building the tech-centered branches of the future or the recent introduction of new digital tools providing enhanced flexibility and transparency. These customer-focused investments are just one of many reasons why 9 in 10 Americans with a bank account are satisfied with their financial institution.”

Background

• According to a March 2022 survey released by Morning Consult, 9 in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their primary bank and 88% agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards.
• J.D. Power’s 2021 U.S. Retail Banking Satisfaction Study found nearly two-thirds of customers indicated their bank completely supported them during the pandemic, which drove an 86% increase in likelihood of reusing that bank. This increase occurred even as consumers’ overall financial health declined, a testament to the proactive efforts many banks launched to support their customers in a period of heightened financial stress.
• J.D. Power’s 2021 U.S. Consumer Lending Satisfaction Study found even as the consumer lending landscape continues to dramatically shift, traditional banks saw their overall customer satisfaction scores rise year-over-year, significantly outperforming fintechs across nearly every category surveyed.
• Driven by consumer demand and a desire to provide the best banking experience available – whether at a branch or on an app – the banking industry is in the midst of a dramatic digital transformation. CBA’s blog series – Driving the Digital Revolution – highlights just some of the latest efforts from America’s leading banks to enhance their digital offerings and bring banking into the future for American families and small businesses. To learn more, click HERE.