CBA Statement on CFPB's UDAAP Announcement

WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau provided a framework for how the Bureau will apply the 'abusiveness' standard in supervision and enforcement matters:

'Defining the CFPB's interpretation of its UDAAP authority will assist consumers as well as financial institutions working to meet their customers' needs by offering safe and sound banking products within a well-regulated industry. We applaud the Bureau for issuing this statement that provides regulatory clarity.'

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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.

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CBA - Consumer Bankers Association published this content on 24 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2020 02:09:04 UTC