Dive Brief:
- Consumer Bankers Association (CBA) CEO and President Richard Hunt announced plans Wednesday to leave the trade organization next summer.
- Hunt will help the CBA's search committee identify his successor, he said in a press release.
- "It has been an honor and a privilege to serve the Consumer Bankers Association over the last 13 years," Hunt said. "I have loved every minute I have been a part of the CBA family, without whom so much of this organization’s success would not be possible."
Dive Insight:
As one of the largest bank lobbying groups in the nation, the CBA, under Hunt’s leadership, has continued to find itself at the center of the most important banking policy discussions.
Members of the trade organization include some of the largest retail banks in the country, such as JPMorgan Chase, Bank of America, Wells Fargo and Citi.
Hunt was tapped to become CBA president and CEO in June 2009 in the wake of the financial crisis. He was leading the trade group when the 2010 Dodd-Frank Act tightened regulations in the banking industry and established the Consumer Financial Protection Bureau (CFPB).
Hunt, 55, began his career as a driver of fellow Louisianan and then-Congressman Jim McCrery, before becoming a district representative and then chief of staff.
As the head of the CBA, Hunt criticized the federal student loan program, and called for an overhaul that would boost private student loans. About 70% of private student loans originate from six lenders — five of which are CBA members, according to the CBA website.
During the COVID-19 pandemic, the CBA led a coalition of more than 100 associations and called on Congress to streamline the forgiveness portion of the Paycheck Protection Program (PPP).
More recently, under Hunt’s leadership the CBA has argued against the proposed IRS financial reporting requirement, which would have called for banks to report annual inflow and outflow data for all accounts holding more than $10,000. Democrats scrapped the provision from President Joe Biden's social spending bill.
"With deep gratitude and a heavy heart, we thank Richard for his years of service and for working with us to ensure a smooth and seamless transition," said CBA Board Chair Michelle Lee, a Wells Fargo executive.
