The Consumer Financial Protection Bureau today said it would begin a rulemaking under which the CFPB “may reconsider” its rule intended to short-term, small-dollar loans.
Browsing: Small-dollar credit
In a letter to the FDIC today, ABA called on the agency to rescind its 2013 guidance on direct deposit advance services.
On the latest episode of the ABA Newsbytes Podcast, Evan Sparks and Shaun Kern discuss the CFPB’s small-dollar lending rule, as well as survey findings from the Fed and CSBS that illuminate the effects of rising compliance costs at community banks.
ABA won a helpful exemption in the Consumer Financial Protection Bureau’s final small-dollar lending rule that protects banks’ ability to make small-dollar “accommodation loans” to customers.
The Consumer Financial Protection Bureau must base its studies of overdrafts on current, rigorous data and adopt any new disclosures through an open and transparent process, ABA told the bureau today in a comment letter.
The Consumer Financial Protection Bureau today released four new “prototype” overdraft disclosure forms as part of its “Know Before You Owe” campaign.
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.
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.
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.
The Consumer Financial Protection Bureau today released a proposed rule that would sharply curtail short-term, small-dollar consumer loans.