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.
  • June 9, 2016
    On Thursday, June 9, 2016, the CFPB Consumer Advisory Board (CAB) met in Little Rock, Arkansas to discuss an auto lending education initiative, trend and themes, and the payday proposal. In his remarks, CFPB Director Richard Cordray stated, “Consumers should feel like they are in the driver’s seat when it comes to financing their car or truck…The CFPB’s auto loan shopping sheet provides a roadmap...
  • June 7, 2016
    “The most important number to keep in mind here is 12 million. A lot of numbers are getting thrown around in this debate, but 12 million is the one to watch because that is the number of Americans seeking small-dollar loans each year.” Around 12 million Americans seek payday loans every year. The majority of borrowers are single, white women with children. Most have a full-time job, a...
  • June 7, 2016
    The Obama administration on Thursday released its long-awaited proposal to crack down on so-called “payday lenders,” the firms that charge huge interest rates to customers who need a fast, short-term loan. Payday lending has become an increasing concern among regulators after the passage of Dodd-Frank, as advocates highlight just how many borrowers get hurt by predatory loan agencies. The 1334-...
  • June 3, 2016
    Thanks to CFPB, Pawn Star’s Rick Harrison Is the Happiest Man In America At 12:01 a.m. Thursday morning, the CFPB released its highly anticipated small-dollar lending proposal . The CFPB has indicated it would like to see banks provide small-dollar loans to consumers in need, like the nearly half of the country who cannot afford a $400 emergency expense . But judging from its highly restrictive...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule set to be proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator also...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator also...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator also...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator also...
  • June 2, 2016
    Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday. The long-awaited Consumer Financial Protection Bureau proposal would also cut off repeated debit attempts that hit overdue borrowers with additional fees and charges as lenders seek repayment. The regulator also...

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