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.
Browsing: small-dollar credit
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.
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.
The Consumer Financial Protection Bureau is considering applying “ability-to-repay” standards to small dollar loans, which would require lenders to verify a prospective borrower’s income, major financial obligations and borrowing history before making a loan, Director Richard Cordray said today.
More research is needed on payday borrower habits before any regulation curbing payday lending is…