ICYMI: CBA’s Johnson Discusses Credit Cards, Clarity Act, Future of the CFPB on Banking with Interest Podcast

WASHINGTON, D.C. - Consumer Bankers Association (CBA) President and CEO Lindsey Johnson recently appeared on IntraFi's Banking with Interest podcast where she highlighted how bank products like credit cards are helping hardworking Americans manage their finances, the ongoing negotiations surrounding the Clarity Act, what the next chapter at the Consumer Financial Protection Bureau (CFPB) will look like, and more.

Below are key excerpts from Johnson's interview. To listen to the full interview, click HERE.

On how bank products like credit cards are helping hardworking Americans manage their finances:

"[Credit cards are] the number one way to have access to financial inclusion is credit cards. And that's by the CFPB's own data. ...[I]f you've got a home, then you can tap into your home equity. If you've got a credit card, then you may have the credit card that you can manage your finances with. If you don't have that, you've got overdraft. Banks are doing a lot of work to make sure that we're bringing people into the financial system and you've got to have these different tools that they can use to actually manage those different expense shocks."

On the ongoing negotiations surrounding the Clarity Act:

"It is really important to establish clear, transparent rules for the digital assets market. And you got to have a market structure bill that also provides clear, transparent rules and that provides safeguards for the financial system overall: for consumers, for fraud and AML and BSA and all those things that we know are so important. We obviously have our own issues and concerns that we've expressed. We do see a path forward and I think that there are some very reasonable things that can be done that will strike that balance and make sure that those real concerns are addressed."

On the future of the CFPB:

"One thing that we have been very consistent on - Republican or Democratic administration - we need a credible, durable, stable CFPB. And we just have not had that largely because the structure. I'm quite hopeful because when I see [CFPB Director nominee] Brian Johnson, I see somebody with a background that's coming from Capitol Hill that understands the law and what the law says that the Bureau needs to do and will have a very focused mission."

On what worries Johnson:

"When we look at the economy itself […] there's never been a better time to be alive. We've got greater economic prosperity […] We've got unimaginable opportunities just in terms of technology and innovation. We have financial services products that are more accessible. We've got all these things that are going for us, and yet sentiment is at an all-time low and families don't always feel that progress […] Some of that starts with students in college because we've been told that's a way to better yourself education. If you're coming out with massive student debt and that's delaying other things in your life, that's a problem."

On what gives Johnson the most hope:

"We're about to go to our executive banking school down in Greenville, South Carolina […] It's our 75th anniversary […] There is so much incredible technology that's happening that's helping consumers manage their finances like never before. But the fundamentals of retail banking are the same. The fundamentals of risk management are the same. The fundamentals of lending are the same. And we take enormous pride [in] our mission to educate and prepare the next generation of bank leaders to lead this industry forward […] It gives me extreme hope being on ground with those individuals and seeing the passion and the commitment that they've got to their consumer and their communities and the future of the industry that's going to be led by this great group of people."