While most of the world divides the year into four seasons, in Florida, there are two; tourist season and hurricane season. For many of us, hurricane season tends to sneak up on us, and this year is no exception. With an early tropical disturbance in the Gulf, the season may be getting a jump start. […]
If bills were judged only by their titles, it would be hard to find fault in Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez’s latest proposal, the Loan Shark Prevention Act. But don’t be fooled. The crux of the bill is a 15 percent APR cap on all consumer loans, which would destroy the small-dollar lending […]
In this filing ACI commends the Consumer Financial Protection Bureau’s (CFPB) decision to rescind the specific provisions of the 2017 rule and thus preserve consumer choice and access to credit. As the CFPB thinks about re-evaluating the rules governing small-dollar loans, it should be mindful of the empirical evidence in this area and look to […]
Today, a coalition letter was sent to Congress expressing support for a proposal to eliminate the Office of Financial Research (OFR), a duplicative and opaque agency created from the Dodd-Frank Act. The letter can be viewed here.
Access to credit is vital for families and communities to invest and grow. For the millions of Americans who rely on small-dollar loans as a last resort, the CFPB’s decision to reconsider placing additional restrictions on these loans should be welcome news. You can read this op-ed in The Hill.
Right now, more than one in three U.S. workers are engaged in some kind of freelancing or project-based work, either as a primary or secondary job. By 2020, half of the U.S. workers will be freelancers, if the trend continues to grow at its current pace. For the millions of workers in this gig economy, […]
ACI joined a coalition of 30 other nonprofit organizations in asking Congress to stop the Federal Reserve’s proposal to operate a real time payments system (RTP), which would make the Federal Reserve both the regulator and a competitor of private sector financial entities. The letter was sent to Congress and is available online.
Will U.S. regulators put the breaks on small-dollar loans to American Consumers? A rule finalized by the Consumer Financial Protection Bureau in 2017 to impose onerous regulations on small-dollar loans would dramatically reduce access to credit for many struggling Americans who are locked out of the traditional banking system because of poor credit or low […]
Most Americans take access to credit for granted. A week doesn’t pass without spam mail advertising a new shiny credit card offering different perks and benefits. Recent estimates show that there were 364 million open credit card accounts in the United States as of the end of 2017, with about 7 in 10 Americans having […]
Insurance and the law. The two terms are enough to put most people to sleep with boredom. But a festering crisis in Florida’s insurance industry has spawned huge increases in unnecessary lawsuits and translated into rate hikes for millions of homeowners and drivers — and costs will continue to spiral until lawmakers plug a major […]