Statement by HOPE CEO Bill Bynum on CFPB Proposed High-Cost Loan Rule
June 2nd, 2016
The proposed small dollar loan rules released by the Consumer Financial Protection Bureau (CFPB) will bring much-needed relief to consumers. By making sure borrowers will only be placed in loans that they can afford to repay, and not subjected to predatory cycles of debt and collections, the CFPB strikes a balance of eliminating some of the most abusive financing practices currently in use, while creating an environment where responsible credit remains available.
View a summary of the proposed rules here.
View the CFPB’s full proposal here.