House Democrats Send Letter Supporting CFPB’s Small Dollar Rule

September 28, 2016

On Wednesday, September 28, 2016, more than 100 House Democrats sent a letter, led by Financial Services Ranking Member Maxine Waters (D-CA), to CFPB Director Richard Cordray stating their support for the agency’s small dollar loan rule, proposed on June 2, 2016.  The signers applauded the Bureau’s efforts “to ensure that fairness, honesty, and transparency become basic components of the products offered by the small-dollar lending industry.”  The letter further stated, “It is with these principles in mind that we encourage the CFPB to adopt a final rule that truly ensures access to responsible small-dollar credit.”  Specifically, the lawmakers called on the agency to support a strong final rule which would seal off potential loopholes and mandate a shortened cooling off periods between loans.