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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.
- August 23, 2013CFPB Highlights Supervisory Issues On Wednesday, August 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued a press release in connection with Supervisory Highlights for August. Issues cited in the release include bank and nonbank mortgage servicing, detailing problems with account transfers, poor payment processing and servicers’ loss mitigation processes. Most notably, the CFPB...
- July 24, 2013July 24, 2013 TESTIMONY OF RICHARD HUNT PRESIDENT & CEO, CONSUMER BANKERS ASSOCIATION BEFORE THE UNITED STATES SENATE SPECIAL COMMITTEE ON AGING “PAYDAY LOANS: SHORT-TERM SOLUTION OR LONG-TERM PROBLEM?” Chairman Nelson, Ranking Member Collins and members of the Committee, thank you for the opportunity to discuss the short-term liquidity needs of American consumers and bank deposit advance...
- July 24, 2013Washington, D.C. (July 24, 2013) – Richard Hunt, President and CEO of the Consumer Bankers Association, testified today before a hearing of the U.S. Senate Special Committee on Aging. The hearing focused on short-term liquidity products and their impact on consumers, particularly senior citizens. In his testimony, Hunt stated bank-offered deposit advance products play a valuable role in that they...
- June 28, 2013June 13, 2013April 28, 2013April 26, 2013CFPB Director Cordray Testifies Before Senate Banking Committee On Tuesday, April 23, 2013, CFPB Director Richard Cordray testified before the Senate Banking Committee on the CFPB’s Semi-Annual Report to Congress . The Committee discussed a number of pressing issues with Director Cordray, most notably, CFPB collection of “big data,” the consumer complaint database, indirect auto lending, student...