Tag Archives: small-dollar credit

Fed Nominee Quarles ‘Fully Supports’ Tailored Regulation

During his confirmation hearing today, Randal Quarles -- President Trump’s nominee to serve as Federal Reserve vice chairman for supervision -- endorsed the concept of tailored supervision that ABA has done much to work into the policy conversation over the past several years.

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ABA Calls for Better Rules to Encourage Small-Dollar Credit

In a sixth white paper to the Treasury Department today, ABA highlighted the important role that small-dollar credit plays in helping consumers meet their financial needs, and called on regulators to remove barriers that impede banks from making small-dollar loans.

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ABA Urges CFPB to Protect Small-Dollar Loans by Banks

The Consumer Financial Protection Bureau should preserve and expand the role banks play in providing small-dollar credit to customers -- not restrict banks from making these loans, ABA said in a comment letter on Friday in response to the bureau’s proposal to curtail short-term, small-dollar consumer loans.

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FDIC Watchdog Finds Major Flaws in Refund Loan Supervision

In supervising banks that made tax refund anticipation loans, the FDIC made “aggressive and unprecedented” use of its supervisory powers and imposed “high costs” on institutions offering the legal products, according to a review issued today by the FDIC’s inspector general.

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NY Fed Researchers Caution Against Payday Lending Curbs

More research is needed on payday borrower habits before any regulation curbing payday lending is adopted, say researchers at the Federal Reserve Bank of New York. The authors examined criticisms of payday lending that are used to justify reform and said that most did not hold up to scrutiny. Research is split, for instance, on whether payday loans help or ...

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ABA’s Abernathy Comments on Regulatory ‘Kudzu’

The Consumer Financial Protection Bureau’s reach is spreading and threatening to choke consumers’ access to small-dollar loans, ABA EVP Wayne Abernathy said in an opinion piece published in The Washington Times last week. “Much like planting kudzu in a rose garden, the unchecked spread of the consumer bureau threatens to smother when it tries to protect,” Abernathy wrote. He noted ...

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