The Consumer Financial Protection Bureau’s (CFPB) proposed rule will drastically reduce your ability to get safe, responsible consumer credit in the form of traditional installment loans. Traditional installment loans that you can get will be more expensive because traditional installment lenders of all sizes will be forced to comply with burdensome, mortgage-like application processes.
On September 29, 2015, CFPB Director Richard Cordray noted during testimony to the House Financial Services Committee that the Bureau is currently finalizing rules regarding small dollar lending. He made clear that it is important to maintain access to credit, which includes ensuring American consumers have access to traditional installment loans.
The American Financial Services Association (AFSA) is fighting to ensure that the American consumers have access to the credit they need and are able to make financial decisions for themselves, without the influence of Washington bureaucrats.