What is the Consumer Banking Association (CBA)?
The term Consumer Banking Association (CBA) refers to an industry association that represents US financial institutions. CBA was founded in 1919 and focuses exclusively on the retail banking sector.
The members of the association are made up of the largest banks and organizations in the country that provide goods and services to retail banks. The CBA offers educational courses, industry research, and federal and state-level representatives on issues related to consumer finance. Recognized as a voice on the issue of retail banking in the national capital, it provides financial resources and education to help bankers understand the practices of the retail banking industry.
- The Consumer Banking Association is an industry association that represents US financial institutions.
- The association was founded in 1919 and focuses on retail banking.
- Its membership consists of the largest banks and organizations in the country that provide goods and services to retail banks.
- The CBA offers educational courses, industry research, and federal and state-level representatives on issues related to consumer finance.
- Recognized as a voice on the issue of retail banking in the national capital, it provides financial resources and education to help bankers understand industry practices.
Understand the Consumer Banking Association (CBA)
CBA was founded in 1919 as the Morris Plan Bankers Association. Morris was the driving force behind the installment credit system, developing initiatives to support the average American access finance. The organization changed its name to the Consumer Banking Association a few years later.
Headquartered in Washington, DC, CBA is made up of some of the country’s largest banks. Eighty-five percent of these corporate members include banks with assets of more than $ 10 billion. Associate members of the CBA include companies that provide goods and services to national banks. Organization membership renewal rates typically remain above 90%.
CBA member banks have a total of $ 14.5 trillion in assets. This represents approximately 79% of the assets of all US banks, savings and loan associations, and bank holding companies. CBA is sponsored by various financial companies such as Equifax, Experian, Visa, FICO, Upstart, Innovis and VantageScore.
As mentioned above, the CBA “has partnered with major domestic retail banks to promote sound policy, prepare the next generation of bankers and fund the dreams of consumers and small businesses.” .. Its main goals are:
- Membership and consumer advocacy with regulators and legislators at the federal level
- Serves as a resource for analysis, involvement and insight with the Consumer Financial Protection Bureau (CFPB)
- Providing consumers with communication about banking services
- Educate future leaders in retail banking.
The association has 14 different standing committees, subcommittees, and other groups of executives from member banks.
The CBA team consists of an executive department and several teams that oversee the following departments:
- Government relations
- CBA membership
- Events and committees
- Communication and marketing
The Association’s Board of Directors (B of D) is made up of some of the leading executives in the retail banking industry. Some of these board members work for prominent banks such as JPMorgan Chase, Citi, TD Bank, BMO Harris Bank and Santander.
This organization hosts an annual conference called CBA Live. The first event was held in 2011. This is a three-day event organized by various CBA subcommittees, standing committees, and working groups.