Access to Credit

As the U.S. economy continues its recovery, many Americans continue to have difficulty making ends meet, with tens of millions of families estimated to be living paycheck-to-paycheck. A recent Federal Reserve report found that nearly half of the people surveyed said they could not cover a hypothetical emergency expense of $400. This is a widespread problem, as 45% of Americans either experienced a major unexpected expense over the past 12 months or had an immediate family member who had an unexpected expense. Yet for millions nationwide, accessing credit remains a challenge.

For years, tens of millions of Americans have relied on small-dollar loans to weather unexpected financial hardships such as medical bills or car repairs. In fact, 94% of small-dollar loan borrowers consider obtaining such loans to be a sensible decision when they are faced with unexpected expenses. Small-dollar loans are often the least expensive option for consumers, particularly compared to bank fees – including overdraft protection and bounced checks – or unregulated offshore internet loans and penalties for late bill payments.

FTC, DOJ Return More Than $500 Million to Consumers Harmed by Illegal Lenders

September 27, 2018 | Access to Credit

FTC, DOJ Return More Than $500 Million to Consumers Harmed by Unlawful, Unscrupulous Lender...

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CFSA 2019 Annual Conference and Expo Registration Now Open

September 17, 2018 | Access to Credit

Register now for the 2019 Annual Conference and Expo, which will be held March 18-21, 2019 in Miami, Florida...

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CFSA Modernizes Industry-Leading Best Practices

July 10, 2018 | Access to Credit

Best Practices Broaden Scope Covering All Small-Dollar Loans, Further Enhance Consumer Protections and Address Evolving Credit Needs of American Consumers ...

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New Federal Reserve Report Finds Millions Of Americans Struggle To Cover Unexpected Expenses

May 23, 2018 | Research & Surveys

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. ...

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CFPB should make sure payday rule reboot meets consumer needs

March 8, 2018 | Federal & CFPB Regulations

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. ...

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The ‘Equifax’ threat to small-dollar loan customers

November 15, 2017 | Federal & CFPB Regulations

There are many flaws in the Consumer Financial Protection Bureau’s (CFPB) small-dollar loan rule, which will deny millions of Americans access to a vital form of credit. ...

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CFPB’s Small-Dollar Lending Rule a Blow to Consumers

October 31, 2017 | Federal & CFPB Regulations

The Consumer Financial Protection bureau has released its final rule on small-dollar lending after what it says was “five years of research, outreach and a review of more than a million comments.” ...

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Out-of-Touch CFPB Ignores Consumers, Issues Final Small-Dollar Lending Rule

October 5, 2017 | Federal & CFPB Regulations

Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), today released the following statement regarding today’s...

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