Let Your Voice Be Heard!
The Consumer Financial Protection Bureau’s (CFPB) released an extremely complex over 1300-page small dollar rule in early June. The proposed rule includes some reforms to predatory lending practices, which credit unions would support if narrowly tailored. Unfortunately, the CFPB’s proposed rule badly misses the mark of targeting predatory behavior, and instead threatens to limit consumer-friendly alternatives to short-term, small dollar loans.
Click the link for more information and to take action! Small Dollar Loan Proposal