Removing Barriers Blog

CFPB Announces Field Hearing for Small Dollar Lending June 2
Posted May 19, 2016 by CUNA Advocacy

The CFPB recently announced that a field hearing about small dollar lending will be held in Kansas City, Missouri, on Thursday, June 2 at 10 a.m. CDT.  We expect that the proposed rule for small dollar/payday lending will be released in conjunction with the hearing. 

It will be held at: 

Kansas City Convention Center;

Municipal Auditorium Complex Music Hall

301 West 13th St

Kansas City, MO 64105

Even though the proposal hasn't been released yet, we've been advocating for changes to the CFPB's outlined released for the SBREFA process last year. We were disappointed to see that this preliminary framework swept in credit union products, including loans offered under the National Credit Union Administration’s Payday Alternative Lending (PAL) program as well as similar loans offered by state-chartered credit unions. Since then, we have repeatedly and forcefully urged the CFPB to concentrate solely on the bad actors in this market, and not add any regulatory burdens to consumer-friendly small dollar loan products offered by credit unions. 

The hearing will be streamed live on the CFPB website