CBA expresses CFPB Request for Information concerns

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The Consumer Bankers Association (CBA) expressed concerns regarding the Consumer Financial Protection Bureau’s (CFPB) new Request for Information focused on customer service experiences at large financial institutions.

“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,” CBA President and CEO Richard Hunt said. “For bankers across America, providing customers with the highest level of service is at the heart of everything they do.”

Earlier this week, CFPB Director Rohit Chopra requested public input to determine whether customers can get prompt responses from the 175 banks and credit unions with more than $10 billion in assets.

“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,” Hunt concluded. “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.”

The CBA cited a March 2022 survey released by Morning Consult that found nine in 10 Americans with a bank account indicated they are “very satisfied” or “satisfied” with their primary bank, with 88 percent agreeing they have multiple options when selecting products and services that include bank accounts, loans, and credit cards.

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