FiSCA Denounces CFPB's New Small-Dollar Loan Rule
After much anticipation, today the Consumer Financial Protection Bureau released the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule. The new rule is onerous, unduly complex and punitive, and will cripple an industry that serves tens of millions of consumers, sever lines to much-needed credit and threaten tens of millions of jobs.
“The final rule published today will devastate an industry that serves nearly 30 million American customers each year,” said Edward D’Alessio, executive director of FiSCA. D’Alessio added, “The rule will force the doors to close on hundreds of store fronts across the country, threatening 60,000 jobs.”