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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.
- September 13, 2018The Consumer Bankers Association (CBA) has endorsed U.S. Bank’s new Simple Loan product, which provides a more cost-effective option for short-term loans for consumers. “U.S. Bank’s goal is to fulfill a customer need. This program – and others like it offered by retail banks – are essential for consumers faced with financial emergencies,” CBA President and CEO Richard Hunt said. “I am...
- September 11, 2018U.S. Bank’s Simple Loan Product Fills Consumer Need Small-Dollar Lending Helps Customers During Financial Emergencies WASHINGTON – The Consumer Bankers Association said U.S. Bank’s Simple Loan product, launched today, fills a critical consumer need. The program is designed to help customers faced with emergency financial needs through a clear, regulated, more affordable short-term loan. A...
- August 17, 2018* This week's guest author is Nick Simpson, CBA's Vice President of Public Affairs D.C. DOWNLOAD & REGULATORY UPDATE Congressional Scheduling Update: August Recess is a time-honored tradition in D.C. as well as a great incentive for Congress to act on must-pass legislation – after all, in Washington the smell of jet fumes is a powerful tool for compromise. The House of Representatives is...
- August 10, 2018On Friday, August 10, 2018, the Bureau issued a press release regarding a federal district court in the Western District of Missouri that entered an Order effectuating a settlement between the Bureau and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and...August 9, 2018Bloomberg Law August 9, 2018 Banks May Need More Than Trump Push to Offer Small-Dollar Loans By Evan Weinberger It may take more than encouragement from the Trump administration for banks to re-enter the market for small-dollar loans after a five-year absence. Concerns over profitability and shifting political winds could keep banks on the sidelines even though the Treasury Department and the...August 8, 2018On Wednesday, August 8, 2018, a Texas federal judge again turned down a request from the Bureau and two payday lender trade groups to stay the August 2019 compliance date of the agency’s so-called payday rule. U.S. District Judge Lee Yeakel declined Tuesday to reconsider his June order that stayed a lawsuit challenging the rule , nor did he stay the rule’s compliance date.July 31, 2018On Tuesday, July 31, 2018, the Treasury Department released a report on Fintech and Innovation, issuing broad and specific recommendations to empower consumers and to facilitate innovation in the U.S. financial system. This is the fourth report from Treasury as part of its effort to implement the President's Executive Order on Core Principles for Regulating the United States Financial System. In...June 1, 2018My Visit to Huntington Bank – I always enjoy visiting with CBA members and this week I had the pleasure to meet with the folks at Huntington Bank. First and foremost, they are a great group of bankers who work tirelessly on behalf of their customers. We had a lively discussion on the regulatory environment, small-dollar rulemaking, M&A activity and bank innovation. I was glad CBA Board Member...May 25, 2018BIG WEEK FOR BANKING IN CONGRESS Congress’ Buzzer Beater – With the Memorial Day shot clock winding down, the House of Representatives passed a good, commonsense and bipartisan regulatory reform bill (S. 2155). The bill will help many U.S. banks invest in their communities, workforce and infrastructure. While the legislation makes some meaningful reforms, there is still more to be done. Going...May 23, 2018WASHINGTON – The Consumer Bankers Association today welcomed a bulletin issued by the Office of the Comptroller of Currency (OCC) encouraging banks to offer responsible short-term, small-dollar loans to their customers. Prior agency guidance had discouraged certain types of small-dollar loans and after it was rescinded banks were not certain whether they were able to reenter the market...