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For Immediate Release
June 2, 2016
ABA Media Contact: Mike Townsend
(202) 663-5471
Email: mtownsend@aba.com
Follow us on Twitter: @ABABankers

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

By Virginia O’Neill, Senior Vice President of ABA’s Center for Regulatory Compliance

​“Today’s proposal, along with past regulatory actions, will make it challenging for banks to meet the needs of the estimated 50 million consumers who access a variety of bank and non-bank small-dollar lending products each year.  While the Bureau has frequently expressed interest in expanding banks’ trusted role in this market, the proposal fails to do so in a meaningful way and will significantly limit the availability of small-dollar credit.  Borrowers’ diverse needs require a vibrant market with many choices for short-term, small-dollar credit.  We look forward to working with the Bureau to realize that goal.”
   
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
 
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