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 18, 2017
    Latest on the CFPB, Director Cordray & Small-Dollar Rumors of a potential Labor Day weekend resignation by CFPB Director Richard Cordray continue to circulate, leaving many speculating the Bureau’s small-dollar rule will be released in the coming weeks. If Richard Cordray does choose to resign his post at the CFPB and President Trump appoints a successor, I wonder if Senate Democrats will...
  • August 11, 2017
    Rumor Mill Churning: Will Cordray Run for Governor of Ohio? I cannot read my morning press clips, or anything from an Ohio news outlet for that matter, without seeing coverage of Richard Cordray’s speculated departure as head of the CFPB to run for Governor of Ohio. One thing is for certain – his days atop the agency are numbered. His term expires in 2018, and President Trump will have an...
  • July 28, 2017
    CBA Executive Banking School is in Full Swing CBA’s 66th session of Executive Banking School is off and running! This week, nearly 300 students joined us at Furman University in Greenville, S.C. to hone their retail banking skills. Thank you to Dennis Devine , CBA Board Member and Co-President of Key Community Bank, Kelly King , President and CEO of BB&T Bank, and our distinguished faculty...
  • July 14, 2017
    Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the House Appropriations Committee’s passage of the Fiscal Year (FY) 2018 Financial Services and General Government Appropriations bill. “We applaud the committee’s passage of several initiatives reforming the CFPB, including addressing the Bureau’s...
  • July 12, 2017
    July 13, 2017 The Honorable Trey Hollingsworth U.S. House of Representatives 1641 Longworth House Office Building Washington, D.C. 20515 Dear Representative Hollingsworth: The Consumer Bankers Association (CBA) commends you for introducing the Ensuring Quality Unbiased Access to Loans Act of 2017. This legislation will provide consumers access to small-dollar bank loans, often known as deposit...
  • July 12, 2017
    July 13, 2017 The Honorable Blaine Luetkemeyer Chairman Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit U.S. House of Representatives 2230 Rayburn House Office Building Washington, D.C. 20515 The Honorable Lacy Clay Ranking Member Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit U.S. House of Representatives 2428...
  • June 21, 2017
    On Friday, June 21, 2017, CBA and other financial trades submitted a letter to the U.S. Department of Defense (DoD) recommending changes to the Military Lending Act (MLA). Specifically, the letter requests the DoD: Clarify the exemption for purchase money loans (including vehicle purchase money loans) applies unless the borrower is receiving cash from the proceeds of the loan. Thus, purchase...
  • June 21, 2017
    June 21, 2017 The Honorable James Mattis Secretary of Defense 1000 Defense Pentagon Washington, DC 20301-1000 Dear Mr. Secretary, As we approach the first anniversary of the implementation of the Department of Defense’s amended Military Lending Act (MLA) Regulation, the Financial Trade Associations – the American Bankers Association, the American Financial Services Association, the Association of...
  • April 20, 2017
    On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include: The...
  • April 13, 2017
    April 13, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...

Pages