The small-dollar lending industry is highly regulated at the state level in all states that allow small-dollar loans. Regulations have been carefully studied and enacted at the state level where they have largely been able to strike a successful balance between access to credit and consumer protection, while also considering local or regional concerns. State-level regulators understand their residents best and are therefore most capable of addressing the financial needs of customers in these states. One-size-fits-all federal regulations sometimes overlook the nuances of communities that local and state officials are better able to gauge due to their closer and stronger relationships.

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