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.
July 29, 2021WASHINGTON – Testifying before the U.S. Senate Banking Committee today, Consumer Bankers Association General Counsel and Senior Vice President, David Pommerehn, said imposing a new cap on interest rates would threaten consumers’ access to affordable credit, harming low- and moderate-income communities most. Pommerehn prepared the following remarks for delivery ahead of Thursday’s hearing :...
July 29, 2021WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today released the following statement in opposition to legislation re-introduced by U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Chris Van Hollen (D-MD) which would limit consumers’ access to credit by imposing an arbitrary 36% rate cap on consumer loans: “As the nation grapples with the...
July 28, 2021WASHINGTON – Consumer Bankers Association General Counsel and Senior Vice President, David Pommerehn, will testify before the Senate Banking Committee on Thursday on the shared goal of protecting and expanding consumers’ access to affordable credit, and how proposals to arbitrarily impose interest rate caps would stifle those efforts, ultimately harming individuals and families. Ahead of Thursday...
June 30, 2021WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today released the following statement in opposition to the Overdraft Protection Act, legislation re-introduced by Rep. Carolyn Maloney (D-NY) that threatens consumers’ access to safe and secure short-term liquidity: “Many customers who choose to participate in an overdraft program view it as a valuable service that enables...
July 27, 2020WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Paycheck Protection Program forgiveness provision in the Health, Economic Assistance, Liability, and Schools (HEALS) Act: “Streamlined forgiveness for millions of small businesses on Main Street struggling through this pandemic is an absolute must and we are glad it is a central part of...
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...
CBA Comment Letter re Larger Participant Rule Lending