CFSA Statement on CFPB Reconsideration of Small-Dollar Loan Rule

January 19, 2018 | Press Releases

Alexandria, VA – Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), released the following statement in light of the Consumer Financial Protection Bureau’s (CFPB) decision to potentially reconsider its small-dollar loan rule.

“CFSA is pleased that the CFPB intends to take a fresh look at its recently released small-dollar lending rule. The Bureau’s rule was crafted on a pre-determined, partisan agenda that failed to demonstrate consumer harm from small-dollar loans, ignored unbiased research and data, and relied on flawed information to support its rulemaking. The CFPB also ignored more than one million customers who spoke out against the rule, blatantly disregarding the input of the very consumers it purports to protect.

“Going forward, the CFPB needs a professional regulator who will listen to consumers and rely on unbiased data and research to guide its work. Any new rule must also achieve the delicate balance of preserving consumers’ access to credit while enhancing consumer protections.”

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About the Community Financial Services Association of America

The Community Financial Services Association of America (CFSA) is the only national organization dedicated solely to promoting responsible regulation of short-term credit products and consumer protections through CFSA’s Best Practices. As such, we are committed to working with policymakers, consumer advocates, and CFSA member companies to ensure that short-term credit is a safe and viable option for consumers.