Published commentary from CFSA leadership.

Listen to small businesses, customers to craft small-dollar loan regulations

May 27, 2020 | CFSA Commentary

By Mickey Mays
The Consumer Financial Protection Bureau (CFPB) will soon release a final rule to fix the most glaring issues with its 2017 small-dollar lending rule, which stood to shutter hundreds of small businesses and leave millions of consumers without access to credit.

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Good riddance to lending rule that would have hurt business and consumers

May 22, 2020 | CFSA Commentary

By Brian Lynn
Federal regulators at the Consumer Financial Protection Bureau (CFPB) are soon expected to roll back portions of a small-dollar lending rule titled, “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” issued under former Director Richard Cordray. This is good news for Florida consumers and small businesses....

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Cordray Resistance Aims to Rewrite CFPB's History

May 22, 2020 | CFSA Commentary

By Dennis Shaul
Critics of small-dollar lending are at it again, this time attacking the Consumer Financial Protection Bureau’s (CFPB) forthcoming reconsideration of the 2017 small-dollar lending rule. Politics, the critics claim, is behind the current rulemaking – a hypocritical allegation that has many of us scratching our heads in disbelief......

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In The News: Listen to History, Borrowers to understand impact of proposed rate caps

February 23, 2020 | CFSA Commentary

By D. Lynn DeVault
When developing policy, it’s common sense to listen to those who stand to be the most impacted. Yet attempts to enact a 36 percent annual interest rate cap on short-term, small-dollar loans are being guided by outside interest groups with little regard for the consequences or the financial realities of many Americans. ...

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In The News: Interest Loan Caps Have a Record of Failure

January 24, 2020 | CFSA Commentary

Rather than restricting access to loans that customers value and forcing them into worse outcomes, policymakers should work toward real financial inclusion and ensure that all Hoosiers have access to legal and licensed sources of credit. ...

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In The News: Not All Small-Dollar Lenders Are The Same

January 11, 2020 | CFSA Commentary

In 2020, the CFPB and Congress should work to protect access to licensed and regulated lenders and focus on tackling the very real problem of unlicensed, unregulated, illegal or otherwise unscrupulous lenders trying to take advantage of Utahns....

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In The News: CFPB Can Right Past Wrongs of Small-Dollar Lending Rule

April 29, 2019 | CFSA Commentary

The demand for credit will exist whether or not small-dollar loans are available. The CFPB now has the chance to take a new approach to small-dollar lending: one that appropriately balances consumer protection with access to credit....

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In The News: CFPB's Structural Flaws Come to Light Amid Change in Leadership

July 17, 2018 | CFSA Commentary

Political interference in the workings of the allegedly-independent Bureau is nothing new, and underscores the major flaws in the CFPB’s structure — specifically its single director. This partisan interference will pervade the Bureau regardless of which party controls the White House or Congress, and it must be addressed....

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