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Press Release
Contact: Tom Crosson, tcrosson@cbanet.org, (703) 869-1246

CBA Statement on CFPB Marketing Study

Washington, D.C. (November 18, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, released the following response to a report issued by the Consumer Financial Protection Bureau analyzing the amount of money spent on providing financial education to consumers:
“CBA’s retail banks are deeply committed to educating their customers and working with the CFPB to improve financial literacy. Banks know the importance of their consumer relationships, which includes informing their customers of the products and services available. However, as every government agency should know, it is not about the amount of money spent, but the quality and effectiveness of the program.”

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
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The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, tcrosson@cbanet.org, (703) 869-1246 or visit www.cbanet.org.