The Consumer Financial Protection Bureau (CFPB) has an important role of protecting consumers’ interests in the financial sector. As such, the Bureau is responsible for regulating in a manner that does not harm consumers or businesses. This makes the Bureau a powerful institution with regulatory reach across a wide range of economic issues and, as a consequence, […]
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The Economic Standard: Fintech Faces Regulatory Peril
Over the past decade, the way Americans accessed capital has changed dramatically. Whereas previous generations relied on financing from high-street banks, today’s young adults and unbanked consumers are more likely to use fintech companies, mostly accessible through their smartphones. Despite the significant change and democratization of consumer finance, the Consumer Finance Protection Bureau (CFPB) has […]
The Hill: Revisiting Small Loans Rules Crucial to Maintaining Access to Credit for Vulnerable Consumers
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.
Why Doing Away with Small-Dollar Loans is Not the Answer
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 […]
Overturn the CFPB Arbitration Rules
ACI, along with coalition of national think tanks, signed a calling for the Consumer Financial Protection Bureau’s (CFPB) arbitration rules to be overturned. The letter is available here.
Your Privacy and Compulsively Curious Federal Agencies
The National Security Agency (NSA), the Consumer Financial Protection Bureau (CFPB), and the Treasury routinely collect detailed information about Americans’ activities, communications and financial status. The scale and scope of information government keeps on us is outrageous and dangerous. Edward Snowden’s revelation confirmed that NSA stores metadata on our domestic phone calls and has technically […]