CFPB Announces Field Hearing on Small-Dollar Lending

The Consumer Financial Protection Bureau (CFPB) announced on Tuesday that it will hold a public hearing on June 2 in Kansas City, MO on small dollar lending. AFSA expects the CFPB to release the proposed rule in conjunction with the hearing.

AFSA has been in constant dialogue with the CFPB regarding the content, tone and tenor of the proposed small dollar rule since the bureau released its outline for the proposal in March of 2015.AFSA will continue to vigorously advocate for its members in the traditional installment loan industry for fair treatment by the CFPB and other federal and state regulators.

The hearing will feature remarks by CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives and members of the public. AFSA hopes to be invited to participate in the hearing, but at the very least, will be present to advocate for traditional installment lenders.The hearing will begin at 11:00 a.m. Eastern and be live streamed on the bureau’s website.