Small Dollar Lending

Providing financial services to those whose needs require special treatment, either because of the dollar amount of credit sought or other credit-related problems, has been a long-standing concern of CBA and its membership. Categories of those requiring such special treatment include low-income individuals and families, as well as military personnel and others who may be in temporary financial distress. CBA's Government Relations team has worked with financial regulators, the Department of Defense and the U.S. Congress to develop innovative financial products to serve the needs of those requiring special attention based upon their financial situation.
  • May 11, 2018
    DRIVING THE CONVERSATION Rumor Mill Churns: McWatters as Bureau Director? – There is plenty of buzz in D.C. surrounding President Trump’s potential nomination of National Credit Union Administration Board Chair Mark McWatters as the next Director of the Bureau of Consumer Financial Protection (Bureau). We have had conversations with McWatters, as well as many other potential candidates for the...
  • April 13, 2018
    We have all been there: an inopportune flat tire, a refrigerator on the fritz or a hefty medical cost arising out of the blue. These are just a few examples of unplanned, often-untimely emergency expenses that every family experiences at one point or another. Compounding these challenges, nearly half of American families do not have the necessary savings on hand to cover a $400 emergency expense...
  • April 6, 2018
    CFPB UPDATE Acting CFPB Director Mulvaney Seeks Changes to Agency – In the CFPB’s semi-annual report released on Monday, Acting CFPB Director Mick Mulvaney called on Congress to establish “meaningful accountability” at the CFPB by enacting four key changes: Fund the Bureau through Congressional appropriations. [CBA Note: Currently, under Dodd-Frank, the CFPB receives its funding directly from the...
  • April 6, 2018
    April 6, 2018 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member Committee on Financial Services Committee on Financial Services U.S. House of Representatives U.S. House of Representatives 2129 Rayburn House Office Building 4340 O’Neill House Office Building Washington, D.C. 20515 Washington, D.C. 20151 Dear Chairman Hensarling and Ranking Member Waters: The Consumer...
  • April 6, 2018
    April 6, 2018 The Honorable Mike Crapo The Honorable Sherrod Brown Chairman Ranking Member Committee on Banking, Housing Committee on Banking, Housing & Urban Affairs & Urban Affairs U.S. Senate U.S. Senate 534 Dirksen Office Building 534 Dirksen Office Building Washington, D.C. 20510 Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (...
  • January 26, 2018
    THE NEW CFPB Must Read Article of The Year – Prince Harry, who? Acting CFPB Director Mick Mulvaney’s recent op-ed in the Wall Street Journal puts all this hubbub surrounding the royal wedding to shame. This is easily the must-read article of 2018, no question about it. While I would encourage you to read the full article , here are a few quick takeaways which show a complete shift in attitude at...
  • January 23, 2018
    There is a major question mark hanging over the Consumer Financial Protection Bureau’s (CFPB) final rule regulating lenders specializing in short-term, small-dollar loans. Once thought by some to be a safe bet to be voided via the Congressional Review Act, the bureau’s recent announcement that it will reconsider its rulemaking pertaining to payday lending and similar businesses could present an...
  • January 19, 2018
    Message From CBA Board Chairman Brad Conner & Me — CBA's Board Chairman Brad Conner of Citizens Bank and I stepped into the studio to record a short video thanking our membership and sharing our goals for 2018 (CFPB Commission, balanced regulation, next generation banking and right-sizing government's role in student lending), recent successes and CBA happenings. Be sure to watch the short...
  • January 18, 2018
    Payday lenders may have just been cut some major slack . The Consumer Financial Protection Bureau, under new leadership, is now reconsidering an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers. The rule — implemented under former CFPB director Richard Cordray in November 2017 — set stricter conditions for short-term loan companies, requiring them to assess the...

Pages