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.
June 22, 2018 | Federal & CFPB Regulations
The Court’s ruling validates the claims in CFSA’s lawsuit, which also contends that the Bureau’s structure violates the U.S. Constitution’s separation of powers. ...
June 18, 2018 | Federal & CFPB Regulations
CFSA congratulates Kathy Kraninger on her nomination to serve as CFPB Director. The CFPB needs a Director who will listen to consumers and rely on unbiased data and research to guide its work. Ms. Kraninger is a longtime public servant and we hope that under her leadership the Bureau fulfills its intended mission as a truly independent, non-partisan agency that serves American consumers....
April 12, 2018 | CFSA Commentary
Acting Director Mick Mulvaney is right to move to reform the bureau and separate it entirely from partisan politics. Only then can it become the independent agency Congress envisioned....
September 6, 2016 | Press Releases
Alexandria, Va. – New documents released today reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the ...