November 9, 2017 | Relevant News
Last month, the Consumer Financial Protection Bureau (CFPB) released its final rule on small-dollar loans. The CFPB heralded this rule as a victory for consumers that would protect them from unscrupulous practices. In reality, however, this rule will shutter thousands of small businesses across the country and force millions of small-dollar loan customers to seek out dangerous alternatives. In doing so, the CFPB is putting the small business community at risk.
Why CFPB's rule on small dollar loans puts minority communities at risk