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|ABA Statement on CFPB's Proposed Small-Dollar Lending Rule|
|Friday, 03 June 2016|
“Today’s proposal, along with past regulatory actions, will make it challenging for banks to meet the needs of the estimated 50 million consumers who access a variety of bank and non-bank small-dollar lending products each year. While the Bureau has frequently expressed interest in expanding banks’ trusted role in this market, the proposal fails to do so in a meaningful way and will significantly limit the availability of small-dollar credit. Borrowers’ diverse needs require a vibrant market with many choices for short-term, small-dollar credit. We look forward to working with the Bureau to realize that goal.”
By Virginia O’Neill, senior vice president of ABA’s Center for Regulatory Compliance
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