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CBA Welcomes CFPB’s Decision to Reconsider Small-Dollar Rule
WASHINGTON, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the CFPB’s decision to reconsider its previously issued small-dollar rule:
“The CFPB’s decision to revisit its small-dollar rule is welcomed news for the millions of American consumers experiencing financial hardship and in need of small-dollar credit,” said CBA President & CEO Richard Hunt.
“Under the current rule, many banks are forced to sit on the sidelines and prevented from offering affordable and popular small-dollar credit options to help meet the needs of their customers. As the CFPB reconsiders this rule, we encourage the Bureau to work with bank regulatory agencies to examine the use of bank offered small-dollar lending products, such as deposit advance products, and ensure any final rule treats all banks equally.”
Small-Dollar Fact Sheets:
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.