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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.
- October 7, 2016On October 7, 2016, Sens. Heidi Heitkamp (D-ND), Claire McCaskill (D-MO) and Joe Manchin (D-WV) submitted a comment letter to CFPB Director Richard Cordray urging the Final Payday and Small Dollar Lending Rule be written so consumer access to small-dollar credit from traditional lenders, such as banks and credit unions, not be unintentionally cut off for Americans who need it most. They expressed...October 7, 2016By Electronic Filing October 6, 2016 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 Re: Proposed Rule: Payday, Vehicle Title, and Certain High-Cost Installment Loans (No. CFPB-2016-0025) Dear Ms. Jackson: This letter provides comments from trade associations representing a broad cross-section of the United States...September 28, 2016On Wednesday, September 28, 2016, more than 100 House Democrats sent a letter , led by Financial Services Ranking Member Maxine Waters (D-CA), to CFPB Director Richard Cordray stating their support for the agency’s small dollar loan rule, proposed on June 2, 2016. The signers applauded the Bureau’s efforts “to ensure that fairness, honesty, and transparency become basic components of the products...September 28, 2016In the latter half of the 2000s, it became commonplace for regulators and policy analysts to refer to the “Wild West” landscape of student lending, especially private student loans. A decade later, the Consumer Financial Protection Bureau has announced itself as the new sheriff in town to the student loan industry and the for-profit colleges that fueled it. Launched in 2011, the agency was formed...September 16, 2016CBA Elects Ross Carey of U.S. Bank as Chairman A big congratulations to U.S. Bank’s Ross Carey , who was elected to succeed Will Howle of Citi as CBA’s Chairman of the Board, and Brad Conner of Citizens Financial Group, who was named Chair-Elect for 2017. I thank Will for his service as Chairman and I look forward to continuing to work with him in his new leadership role of Immediate Past Chair...September 12, 2016On Monday, September 12, 2016, the CFPB entered into a consent order with Bridgepoint Education, Inc., a for-profit, post-secondary education company based in San Diego, for allegedly deceiving students into taking out private student loans which cost more than advertised. The Bureau is ordering Bridgepoint to discharge all outstanding private loans made by the institution to its students and to...July 20, 2016On Wednesday, July 20, 2016, 28 Senate Democrats sent a letter to the CFPB commending the agency’s proposed Payday and Small-Dollar Lending Rule. The Senators also expressed concern the rule did not go far enough, stating they “encourage the CFPB to strengthen certain protections in the proposed rule to ensure the strongest possible defense against the predatory lending models that trap consumers...July 11, 2016Washington, D.C. (July 11, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), today released the following statement after MeasureOne released their “ Q1 2106 Private Student Loan Report.” The report updates a previously released comprehensive study of the private student loan market and reveals continued positive performance trends. “The private student loan...July 6, 2016On Wednesday, July 6, 2016, Hillary Clinton announced new higher-education related proposals intended to appeal to young voters. Specifically, she proposed using an executive action to impose a three-month moratorium on federal student loan repayments allowing borrowers to refinance their loans at current rates. In addition, she advocated students be able to graduate from a public college or...June 21, 2016June 21, 2016 The Honorable Paul Ryan The Honorable Nancy Pelosi Speaker Minority Leader U.S. House of Representatives U.S. House of Representatives Washington, D.C. 20515 Washington, D.C. 20515 Dear Speaker Ryan and Minority Leader Pelosi: On behalf of the Consumer Bankers Association (CBA), I write to express our support for H.R. 5485, the Fiscal Year 2017 Financial Services and General...