- About CFSA
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The small-dollar lending industry is highly regulated at the state level in all of the 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 best understand their residents and are thus most capable of addressing the financial needs of customers in these states. One-size-fits-all federal regulatory proposals tend to overlook the nuances of communities that local and state officials are better able to gauge due to their closer and stronger relationships.
The CFPB’s action will ensure that essential credit continues to flow to communities and consumers across the country, which is especially important in these unprecedented times....
July 7, 2020
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.
May 27, 2020
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....
May 22, 2020