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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.
- October 5, 2017The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing expensive credit to cash-strapped borrowers do business. The Consumer Financial Protection Bureau regulations require that payday lenders determine upfront whether customers...
- October 5, 2017On Thursday, October 5, 2017, the OCC announced Acting Comptroller of the Currency Keith A. Noreika approved the rescission of the agency’s Guidance on Supervisory Concerns and Expectations regarding Deposit Advance Products that was published in the Federal Register on November 26, 2013 and its accompanying OCC Bulletin 2013-40 .October 5, 2017Lenders that offer payday loans and other small advances to cash-strapped consumers must first determine if the borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday. The rule, adopted by the Consumer Financial Protection Bureau, also would curtail repeated attempts by the lenders to debit payments from borrowers’ bank accounts, a practice that racks up...October 5, 2017Washington, D.C. - Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the issuance of the CFPB’s final rule on small-dollar lending: “The CFPB whiffed at an opportunity to provide assistance to the millions of Americans experiencing financial hardship,” CBA President and CEO Richard Hunt said. “It is hard to believe just days...September 29, 2017CBA to CFPB: Help Banks Serve Consumers in Need of Short-Term Credit A huge segment of consumers are struggling to make ends meet in a given month – 43 percent to be exact – according to a new CFPB survey. Since the FDIC and OCC issued guidance essentially pushing banks out of the small-dollar lending market, consumers have been forced to use less-safe, less-regulated and more costly entities to...September 28, 2017By now, the sobering statistics are familiar: Nearly half of American adults say they could not cover an unexpected expense of $400, according to the Federal Reserve. Now, a new study by the Consumer Financial Protection Bureau (CFPB) similarly shows that more than 40 percent of Americans struggled to pay bills at some point during 2016. But, familiarity doesn’t make it OK. Richard Hunt,...September 27, 2017CBA’s Hunt: “We encourage the CFPB to work in coordination with other financial services regulators to create a consistent regulatory environment that does not take away the ability for families with unexpected financial hardships to seek responsible, short-term assistance from their bank.” Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), today wrote...August 18, 2017Latest 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, 2017Rumor 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, 2017CBA 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...