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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.
- June 17, 2019 - 1:00PMUpcomingMay 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-...April 30, 2019April 30, 2019 The Honorable Gregory Meeks The Honorable Blaine Luetkemeyer Chairman Ranking Member Subcommittee on Consumer Protection Subcommittee on Consumer Protection and Financial Institutions and Financial Institutions 2310 Rayburn House Office Building 2230 Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Meeks and Ranking Member Luetkemeyer: The...April 29, 2019CBA: Banks Can Offer Responsible Short-Term Credit Options WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today wrote House Financial Services Consumer Protection and Financial Institutions Subcommittee Chair Gregory Meeks (D-N.Y.) and Ranking Member Blaine Luetkemeyer (R-Mo.) on the important role banks can play in helping Americans in need of emergency funds. The...February 15, 2019CBA’s Education Funding Committee was in D.C. last week to meet with new members of the House Education and Labor Committee as well as the Senate HELP Committee to discuss the benefits of private student loans, advocate for a ‘Know Before You Owe’ policy and solutions to prevent over borrowing on federal student loans. Our members serve as the primary industry voice for private student loan...February 11, 2019A tremendous amount of attention rightfully was given to the financial hardships furloughed employees faced during the month-long partial shutdown of the federal government. I am proud to say banks proactively stepped up to the plate . But that did not stop the letters from Congress inquiring how financial institutions were helping furloughed workers — despite efforts being well underway long...February 8, 2019Obviously the big news this week is the merger of BB&T and SunTrust . Knowing both Kelly King and Bill Rogers for years, I recount many of my conversations with them separately. At last year’s CBA Executive Banking School, Kelly stated BB&T would not buy an out of market bank, and would rather buy a larger bank than a smaller bank because of compliance. And Bill told me he was not going...February 6, 2019CBA Statement on Bureau Small-Dollar Rule WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Consumer Financial Protection Bureau released proposed rules reconsidering provisions of the “Payday, Vehicle Title and Certain High-Cost Installment Loans” rule as well as the rule’s implementation date: “We appreciate the CFPB’s...January 29, 2019The Consumer Bankers Association (CBA) maintains actions by federal regulators unfavorably impact small-dollar lending consumers by forcing them to payday lenders and other less regulated sources when in need. © Shutterstock CBA officials said the input stems from the Federal Deposit Insurance Corporation’s (FDIC) request for information on its 2013 small-dollar guidance. “A tremendous amount of...January 25, 2019This week I visited great CBA member Bank of Hawaii in Honolulu, HI where I met with President & CEO Peter Ho, a number of Managing Committee Members in addition to CBA Standing Committee Members. It was a great opportunity to hear first-hand their successes and challenges, and discuss hot button issues in the retail banking industry from how other CBA members are handling the Government...