February 6, 2019
(Arlington, Virginia) — Today CASE, Consumer Action for a Strong Economy, issued a statement praising the Consumer Financial Protection Bureau’s (CFPB) decision to revisit the onerous payday lending requirements issued under the previous administration. As originally proposed, the rule would have made it far more difficult for consumers in need to have access to credit.
“The CFPB’s decision to overhaul the payday rules is a welcome first step in helping to ensure millions of consumers who do not have ready access to banking credit or loans during a hardship or temporary financial crisis are not left without options.
“Today, banks and lending institutions who make short-term loans are not only sufficiently regulated on the state and federal level, they are also heavily motivated to assess borrower risk and review lending practices in order balance market needs with borrowers’ ability to pay. The CFPB’s decision to ease underwriting requirements will allow more consumers access to credit when they need it most, and allow the lending industry to set prices and standards more reflective of market realities instead of political agendas.
“Our hope is that a final rule will reflect President Trump’s economic vision of freeing our economy of unnecessary regulatory overreach by offering consumers more options to help them manage their money and build strong financial futures for themselves and their families.”
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