AFSA Statement on Final Small-Dollar Lending Rule

The American Financial Services Association (AFSA) is pleased to see that the bureau has made the important distinction between beneficial traditional installment lending, and payday and title lending.

“Today’s rule is a validation of what we have been saying all along – that the small-dollar lending industry provides access to quality products, like traditional installment loans, and is critically important for the American consumer,” said Chris Stinebert, President and CEO of AFSA. “During congressional testimony when asked about the proposed rule,* Director Cordray noted how essential it was that any rule focus on making sure there is room for responsible loans such as installment lending.”