How the CFPB is Proposing to Regulate the Small Dollar Lending Industry: Understanding and Supporting the Payday Lending Rules

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The Consumer Financial Protection Bureau’s (CFPB’s) long-awaited proposed regulations aimed at curbing the most abusive practices of the small dollar lending industry were released earlier this month, and we have been pouring over them since then to better understand the mechanics of the regulation. We've also been thinking about how the rule could be made even stronger. Now that we’ve had the chance to wrap our heads around this important proposal, we want to share what we’ve learned with you.

On Thursday, June 30, Prosperity Now hosted a webinar in which participants heard from Diane Standaert, Director of State Policy at the Center for Responsible Lending, Anju Chopra, Senior Policy Manager at Prosperity Now and Emanuel Nieves, Government Affairs Manager at Prosperity Now, to explain how the regulation works, the potential implications for state-level rule-making, and what you can do during the comment period to stay engaged and support the CFPB’s efforts, including joining the #ConsumersCantWait campaign.

Questions? Contact Anju Chopra, Senior Policy Manager, at achopra@prosperitynow.org.

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