Banking & Credit

CFA and 174 Partner Organizations Share Principles for Responsible Consumer and Small Business Loans Ahead of CFPB Report to Congress

CFA joined 174 consumer, civil rights, community, housing, labor, faith, military and veterans, human rights, older American, legal services, small business, and other organizations and academics representing more than 40 states and the District of Columbia in a letter that explains that all loans should be safe and affordable. The letter was submitted as a statement for the record for the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress on Tuesday, April 26, 2022 and Wednesday, April 27, 2022.

High-cost, unaffordable forms of credit or disguised credit are marketed as lifelines to consumers and small businesses, but predatory products do not provide access to affordable credit. Instead, they lead to financial ruin by trapping borrowers in high-cost loans and devastating cycles of debt that leave them worse off.