For Immediate Release
October 5, 2017
ABA Media Contact: Mike Townsend
(202) 663-5471
Email: mtownsend@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on CFPB’s Final Small-Dollar Lending Rule

By Virginia O’Neill, senior vice president of ABA’s Center for Regulatory Compliance

​     “With today’s rule, the bureau has reiterated its earlier view that banks can play an important role in meeting the needs of small-dollar borrowers.  As we and our member banks strongly encouraged, the final rule allows community banks to continue providing consumers with the small-dollar accommodation loans offered by nearly every institution.  Many people want and rely upon small-dollar credit, and banks are eager to expand their offerings of trusted and responsible services to these borrowers. As we continue to analyze the final rule’s 1,690 pages, we hope that it will allow banks to expand programs to effectively meet the small-dollar credit needs of their customers. 
 
     “We also recognize and appreciate the step taken by the OCC today to repeal its previous guidance that had inhibited some forms of small-dollar lending by national banks – a recognition that banks can be an important source for providing this type of fair, convenient and sustainable loan to their customers.”
 
###
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.