The small-dollar lending industry is highly regulated at the state level in all states that allow small-dollar loans. Regulations have been carefully studied and enacted at the state level where they have largely been able to strike a successful balance between access to credit and consumer protection, while also considering local or regional concerns. State-level regulators understand their residents best and are therefore most capable of addressing the financial needs of customers in these states. One-size-fits-all federal regulations sometimes overlook the nuances of communities that local and state officials are better able to gauge due to their closer and stronger relationships.
In The News: Listen to History, Borrowers to understand impact of proposed rate caps
February 23, 2020 | CFSA Commentary
By D. Lynn DeVault
When developing policy, it’s common sense to listen to those who stand to be the most impacted. Yet attempts to enact a 36 percent annual interest rate cap on short-term, small-dollar loans are being guided by outside interest groups with little regard for the consequences or the financial realities of many Americans. ...
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In The News: Not All Small-Dollar Lenders Are The Same
January 11, 2020 | CFSA Commentary
In 2020, the CFPB and Congress should work to protect access to licensed and regulated lenders and focus on tackling the very real problem of unlicensed, unregulated, illegal or otherwise unscrupulous lenders trying to take advantage of Utahns....
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CFSA Modernizes Industry-Leading Best Practices
July 10, 2018 | Access to Credit
Best Practices Broaden Scope Covering All Small-Dollar Loans, Further Enhance Consumer Protections and Address Evolving Credit Needs of American Consumers ...
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In The News: Mick Mulvaney Is Right To Reform CFPB
April 12, 2018 | CFSA Commentary
Acting Director Mick Mulvaney is right to move to reform the bureau and separate it entirely from partisan politics. Only then can it become the independent agency Congress envisioned....
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Small-dollar lending filling real need for Americans
May 30, 2017 | Consumer Credit Wire
In a recent ReasonTV video interview, University of Pennsylvania professor Lisa Servon told the story of her experiences working in several positions at nonbank financial services firms, including at a small-dollar lender, to explore the reality of living paycheck to paycheck – a reality that over 75 percent of Americans face. ...
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