Vision for America
A BANK POLICY AGENDA FOR ALL
Banks help you achieve your financial goals.
Here’s what Washington can do to help.
The blueprint to ensure CFPB remains a strong, durable, and credible regulator.
Ahead of President-elect Trump’s inauguration, CBA released a new white paper outlining immediate and long-term actions the incoming Administration could act upon and, separately, legislation for the new Congress to prioritize to transform the Bureau to better serve American consumers.
What’s in the white paper?
Immediate actions to reverse several of the most egregious actions taken by the Biden administration.
Near-term updates to administrative and personnel policies in effect at the CFPB will bolster the agency’s ability to deliver on its core functions while simultaneously restoring the American people’s confidence that their tax dollars are being spent effectively.
Long-term reforms to be accomplished over the next four years to strengthen the credibility and durability of a regulator tasked with overseeing an industry that is critical to the nation’s economic stability – one which serves millions of Americans.
Actions Congress can and should take to pass legislation to ensure the CFPB operates within its authority, and to create greater stability, transparency and credibility of the CFPB.
Our Vision for All
All Americans benefit from a highly competitive and well-regulated financial services industry, where banks and non-banks compete equally.
All Americans should have a healthy financial foundation, including opportunity for growth, financial resilience, and safety.
All Americans should have access to financial services, so consumers can choose products that best meet their unique needs.
We love dreams.
Banks are the primary source of credit —for both consumers and small businesses across the country. Banks provide a safe place for depositors to keep their money, and drive the economy forward.
Why it matters
Strong Banks Support America
Nearly 5,000 banks
We’re proud that the U.S. has more banks than any other market, providing choice and competition in the marketplace.
95.5% of Americans banked
More people (126.6M) have access to banking than ever before, meaning at least one member of each household has a checking or savings account.
Our Vision
Access to Financial Services
Consumers should have access to a wide variety of safe and sound financial services and the ability to choose which banks and services best meet their unique needs.
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Banks compete and innovate to meet consumers where they are. Some consumers have longstanding relationships with credit and deep savings. Other consumers, however, may lack credit histories or emergency reserves. Regulation should avoid one-sized-fits-all requirements that may not work for all consumers. Most importantly, policymakers must stop writing regulations that threaten to debank Americans—specifically writing regulations that restrict products and push consumers out of the well-regulated banking system.
Learn how Overdraft Services provide a safety net for consumers that may lack access to credit.
Read the research on how debit interchange regulation (Regulation II) cut access to free checking accounts.
Our Vision
A Healthy Financial Foundation for Americans
Consumer financial health and safety is the key to achieving the American dream and economic growth for all. At the same time, all consumers should have data and fraud protection.
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Regulations that limit consumers’ access to well-regulated credit products limit financial inclusion and long-term financial resilience. Bank products, particularly credit cards, are the primary and best way for “credit invisible” consumers to enter the financial system, grow their credit scores, and build their financial lives.
Many currently-proposed regulations limit consumer access to bank-offered credit products. This would force consumers, particularly those most in need, to either go without or turn to less-regulated, and often higher-cost, non-bank alternatives. This may mean consumers can’t grow their credit histories as quickly and safely as before, or they may be forced into relationships with less–regulated operators.
Learn how credit card late fee regulation would raise the cost of credit cards and potentially limit access by consumers on the margins.
Read about the impact of the Federal Reserve’s Capital Rules on ordinary consumers (Basel III).
Find out more about the benefits of the expansion of well-regulated small dollar lending products:
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The Consumer Financial Protection Bureau must fulfill part of their core mission to educate consumers. From teaching the most vulnerable Americans basic finances like budgeting and saving, to demonstrating how to use the different financial tools available to them, and importantly how to recognize and avoid financial fraud. Understanding these tools is critical to helping Americans pursue financial health, consumer protection, and growth.
Join the call to increase the CFPB’s investment in education: Learn how
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Every consumer – regardless of where they go to meet their needs – should have the ability to access their personal financial data. Regulations must clearly and appropriately allocate liability and costs to ensure a longstanding, healthy financial ecosystem.
Read about what it would take to fix Section 1033 of Dodd-Frank Act.
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One of the biggest threats to consumer financial wellness and safety is the rising threats of financial fraud and scams—particularly when a consumer is manipulated by a fraudster out of their own money.
Banks have been on the front lines fighting fraud, dedicating billions of dollars and thousands of hours each year to address fraud and scams. But we can’t do it alone. Fraudsters regularly mix a wide range of tools to trick consumers: phone calls, text messages; spam emails; social media groups; dating sites; and cryptocurrency exchanges. Because the bad guys are using an interdisciplinary, highly-coordinated approach to scams, the “good guys” need the same level of response.
Banks, and other industries in the private sector, need the government to work with us, across industries and law enforcement, to protect Americans from fraudsters and scammers.
Learn more about what’s needed to protect consumers from these fraud and scams.
Our Vision
Free, Fair and Competitive Markets
With nearly 5,000 banks nationwide, consumers benefit from America’s highly competitive and well-regulated marketplace through expanded choice, constant innovation and lower costs.
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Consumers should have equal protection, regardless of where they choose to get their financial services – whether they choose a traditional bank or non-bank fintech company. Currently, many Americans who use non-banks are exposed to higher risks as these entities are not regulated by the same rules as banks.
Learn how policymakers can reduce consumer risk by limiting regulatory arbitrage to ensure consumers have the same protections regardless of where they get their financial services:
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When regulating the banking industry, Washington must let facts and data guide the rulemaking process. Unfortunately, some in Washington have used recent rulemakings to advance a political agenda rather than focusing on sound economic principles and reliable data. Although some proposals sound favorable, they will reduce choice and harm some of the consumers who need access to financial services the most.
The Consumer Bankers Association partners with the nation's leading retail banks to promote sound policy, prepare the next generation of diverse bankers to lead the industry, and finance the dreams of consumers and small businesses. Learn more about us at consumerbankers.com