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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.
- May 20, 2020CBA Statement on Interagency Small-Dollar Guidance WASHINGTON, D.C. – CBA President and CEO Richard Hunt issued the following statement after the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued guidance for offering responsible small-dollar loans to meet short-term credit needs: “...
- May 13, 2020May 12, 2020 The Honorable Steven T. Mnuchin Secretary U.S Department of Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 The Honorable Jovita Carranza Administrator Small Business Administration 409 Third Street, SW Washington, D.C. 20416 Dear Secretary Mnuchin and Administrator Carranza: We write on behalf of the Consumer Bankers Association (CBA) and the National Association of...
- March 30, 2020“Previous guidance issued by regulators years ago cut off banks’ ability to offer customers short-term liquidity,” said Richard Hunt, the president and chief executive of the Consumer Bankers Association.
- March 26, 2020CBA: Consumers Need Small-Dollar Loans, Banks Need Clarity on Rules “Banks are ready, eager and already working with Americans and small-businesses. The flexibility regulators have given, combined with their statement today, will help banks more readily adapt to meet consumer demands.” WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after...
- March 9, 2020March 9, 2020 The Honorable Mike Crapo Chairman Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (CBA) submits the...
- February 5, 2020On Wednesday, February 5, the Consumer Financial Protection Bureau announced a proposed settlement with Think Finance, LLC , and six subsidiaries to resolve a CFPB lawsuit from November, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in connection with the illegal collection of loans that were void in whole or in part under...June 17, 2019 - 1:00PMPastJune 10, 2019On Wednesday, May 22, 2019, the FDIC issued a press release regarding resolving a lawsuit with Advance America, Cash Advance Centers, Inc.; Check Into Cash, Inc.; and Northstate Check Exchange. Advance America et al. v. Federal Deposit Insurance Corporation et al. (D.D.C.). The lawsuit had alleged terminations of payday lender bank accounts. In exchange for the plaintiffs’ agreement to dismiss...June 7, 2019CBA Applauds CFPB Payday Rule Compliance Delay WASHINGTON – The Consumer Bankers Association today commended the Consumer Financial Protection Bureau’s official 15-month delay of the underwriting provision in its 2017 payday rule. CBA has previously advocated for a delay of the entire rule, noting the level of underwriting required for these loans is not effective or cost-efficient for small-...May 15, 2019WASHINGTON – The Consumer Bankers Association today offered comments to the Consumer Financial Protection Bureau’s notice of proposed rulemaking for payday, vehicle title, and certain high-cost installment loans. The comment letter offers support for the CFPB’s review of the 2017 rule and supported the new proposal’s call for strong consumer protections, while allowing Americans to receive short-...