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Friday, July 22, 2016

CFPB Extends Comment Deadline Small-Dollar Credit Proposal

The CFPB has extended the comment deadline on its small-dollar lending proposal to Oct. 7. The proposed rule would sharply curtail short-term, small-dollar consumer lending by defining loans as “abusive and unfair” if lenders fail to reasonably determine borrowers’ ability to repay the loan or satisfy an exception.

ABA is in the process of drafting its own comments, which will emphasize how, with appropriate regulation, banks can play an important and growing part in meeting the needs of small dollar borrowers. The association is seeking feedback from bankers on the impact that the proposed rule would have on their institutions' ability to make small dollar loans.

Read ABA's staff analysis of the proposed rule.

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