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“Personal installment loans are often a critical lifeline for borrowers with limited credit options, allowing them to pay for unexpected expenses or to consolidate debts.”

- Assistant Attorney General Bill Baer, Justice Department Antitrust Division (2015)

“In both rich and poor countries alike, credit institutions have favored the rich and in so doing, have pronounced a death sentence on the poor… "

- Muhammad Yunus, Banker to the Poor (1999)

“We recognize the need for emergency credit. At the same time, it is important that these products actually help consumers, rather than harm them.”

-Richard Cordray, CFPB, Birmingham, AL (Jan 2013)

“Payday borrowers strongly support requiring the loans to have affordable installment payments.”

- Pew Charitable Trusts

Industry Letter to New CFPB Director Underscores the Importance of Credit Access

October 15th, 2021|0 Comments

The new head of the Consumer Financial Protection Bureau, Rohit Chopra, was sworn into office on Tuesday (October 12, 2021). Our colleagues at the American Financial Services Association (AFSA), took the opportunity to send [...]

Financial Stress and Physical Health

September 22nd, 2021|Comments Off on Financial Stress and Physical Health

In recent years we have seen ever more investigation of the links between financial stress and physical health. Many commentators have referred to the cyclical nature of this: Poor health causes financial stress, while [...]

Bankers Declare Opposition to Proposed 36 percent APR Caps

August 9th, 2021|Comments Off on Bankers Declare Opposition to Proposed 36 percent APR Caps

A July 23 letter to the US Senate Banking Committee from a number of leading bank and credit union groups has declared unequivocal opposition to proposals under consideration for a 36 percent “all-in” APR [...]

Industry letter to new CFPB Director underscores the importance of credit access #consumercredit #cfpb https://nilaonline.org/2021/10/15/industry-letter-to-new-cfpb-director-underscores-the-importance-of-credit-access/

Get the latest on credit reporting at the 2021 Annual Meeting! Our panel will share thoughts on the strengths and weaknesses of the credit reporting system, and how to make it more understandable and responsive. Sponx by @hudsoncookllp. Register now! http://Annual.afsaonline.org

A new post discussing the links between financial stress, financial exclusion and physical #health #financialexclusion

https://nilaonline.org/2021/09/22/financial-stress-and-physical-health/

Bankers declare opposition to proposed 36%APR caps on the grounds of harm to those expected to benefit #unbanked #bankers #consumerfinance https://nilaonline.org/2021/08/09/bankers-declare-opposition-to-proposed-36-percent-apr-caps/

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