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Removing Barriers Blog

There’s Still Time to Weigh in with the CFPB on its Small Dollar Loan Proposal
Posted September 21, 2016 by CUNA Advocacy

As we have previously mentioned, CUNA and credit unions are working overtime to get some improvements into to the CFPB’s small dollar/payday loan proposed rule. Just this month, dozens of credit unions and their state leagues have come to Washington to represent the industry on Capitol Hill and with federal agencies.

Credit unions continue to express to lawmakers and regulators their concerns on how the CFPB’s pending proposal on small dollar loans will impact their operations and ability to serve members. 

While these Washington, DC meetings are certainly very valuable, CFPB staff have told us that they want to hear directly from credit unions that will be adversely impacted by the proposal. Therefore, we have activated our "Grassroots Action Center" to get credit union input directly to the CFPB. Go to our Grassroots Action Center(link) and click on “Advocacy Campaigns” beneath “Actions” to access the page for the small dollar loan proposal. Since there's only a few weeks before comment period closes on October 7, we urge you to share your concerns with the CFPB as soon as possible! 

Please see our detailed comment call page for more information on this proposed rule.