For Immediate Release
February 3, 2016
ABA Media Contact: Mike Townsend
(202) 663-5471
Follow us on Twitter: @ABABankers

ABA Statement on CFPB Field Hearing on Checking Account Access

By Virginia O’Neill, Senior Vice President of ABA’s Center for Regulatory Compliance

WASHINGTON — “Banks are eager to provide as many people as possible with access to banking services, and the vast majority of Americans do have a relationship with a bank. There are a wide variety of reasons why some people are not in the financial mainstream, and the thousands of banks across the country actively offer a multitude of deposit products to meet diverse customer needs. America’s banks are continually working on innovative technologies and services to bring consumers without a bank account into the fold. We appreciate Director Cordray’s recognition of these efforts and remain dedicated to featuring a full range of product choices that can accommodate a number of diverse consumer preferences.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
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