FOR IMMEDIATE RELEASE
ICBA Issues Statement on CFPB CARD Act Report
Washington, D.C. (October 3, 2013)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), issued this statement following the Consumer Financial Protection Bureau’s (CFPB) release of a study on the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.
“Our nation’s community banks are common-sense lenders that offer credit cards on fair terms to provide a valuable service to their customers. The record is clear that community banks did not engage in the misleading practices that triggered passage of the CARD Act. Nevertheless, community banks and the customers they serve must bear the same costs and regulatory burdens as those firms whose reckless actions triggered the additional costs and burdens.
“To ensure community banks are not driven from the credit card market altogether, ICBA is calling on the CFPB not to impose additional regulatory burdens on these relationship lenders. Forcing community banks from the market will put consumers and our financial system at greater risk by further consolidating the credit card market into the hands of a few large issuers. Such a result disenfranchises millions of consumers and limits their market choices. Minimizing new burdens on the nation’s community banks is essential to promoting economic growth and a safe, reliable and responsible source of credit.”
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.