A group of House members led by Oversight and Investigations Subcommittee Chairman Sean Duffy (R-Wis.) expressed concerns with the Consumer Financial Protection Bureau’s recent proposed rules on small-dollar loans. In a letter to the CFPB, the lawmakers wrote that the proposal would restrict access to credit and harm consumers.
In a November comment letter, ICBA said the proposal should not be so broad or indiscriminate that it inadvertently forces community banks out of the market. In a separate comment letter submitted in October, ICBA urged the CFPB to exempt community banks from the proposal and to recognize the differences between these and other lenders.