CFSA and its members support the concept of a federal rule that would provide regulatory certainty by leveling the regulatory playing field to provide families with the tools to make sound short- and long-term economic decisions. However, in October 2017 the CFPB finalized a small-dollar lending rule that will only serve to harm American consumers by taking away their access to small-dollar credit.
CFSA vehemently disapproves of the CFPB’s proposed rule because it will effectively remove small-dollar loans as a credit option and provide no financial alternative to the tens of millions of Americans who use this form of credit.
CFSA has been and remains ready to work with the federal government, including the CFPB, on sensible and thoughtful regulations. Such proposals should consider the views of consumers and their financial needs, the regulatory experience of the existing state and local laws regarding small-dollar credit, and input from the small-dollar lending industry.
The Federal Reserve this week released a new report on the economic well-being of U.S. households in 2017. The report highlights that even with improved financial conditions over the past five years, 40 percent of Americans either could not cover or would struggle to cover an unexpected expense of $400. ...
May 23, 2018
The federal government and the entire financial services industry have a duty to help Americans understand their consumer rights so they can make well-informed decisions with their money — but it is unclear how often this is happening. ...
March 8, 2018