Removing Barriers Blog

CFPB Acting Director Posts Blog on Small Dollar Lending
Posted March 24, 2021 by CUNA Advocacy

CFPB Acting Director Uejio posted a blog asserting that “ability to repay” standards are an important consumer safeguard for underwriting small dollar loans. The Acting Director also said a future Bureau rulemaking on small-dollar loans, if deemed appropriate, is possible.

Under the prior leadership, the CFPB finalized a rescission of the 2017 Payday Rule’s mandatory underwriting provisions. The rule has been subject to multiple legal challenges.