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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

Guest Post: Cognitive Dissonance and APR Caps

July 28th, 2020|Comments Off on Guest Post: Cognitive Dissonance and APR Caps

By Andrew Morrison, Sun Loan Company There was an excellent article in The Atlantic this month on The Role of Cognitive Dissonance in the Pandemic. Its focus, naturally, was on the refusal among certain [...]

WSJ: SCOTUS’ Missed Opportunity on CFPB

July 21st, 2020|Comments Off on WSJ: SCOTUS’ Missed Opportunity on CFPB

A recent US Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB) was the subject of a critical editorial in the Wall Street Journal (WSJ) (The Court’s Missed Opportunity on Consumer Financial Protection, [...]

CFPB Payday Rule Revision

July 13th, 2020|Comments Off on CFPB Payday Rule Revision

The release last week (July 7, 2020) of the Consumer Financial Protection Bureau’s  final “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule is significant in that it removes the "ability to repay" provisions that [...]

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AFSAEducationFNAFSA Education Foundation@AFSAEducationFN·
14 Jul

Join the @CFPB virtually this week to learn how it is protecting consumers in the financial marketplace. Events include a virtual town hall, presentations of the tools available to consumers, and much more!

View the full schedule here: https://t.co/Ald8Qk0n3T

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AFSAEducationFNAFSA Education Foundation@AFSAEducationFN·
1 Jul

It's Military Consumer Month - always be wary of potential scammers trying to gain access to your Social Security, bank account, or credit card number. Knowing how to identify fraud is an important part of financial literacy. https://t.co/xMyt3ePKDa #MilConsumer2020

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AFSA_SGAAFSA SGA@AFSA_SGA·
7 Jul

CCPA Is Officially Being Enforced, but There Are Still Unanswered Questions
https://t.co/dD5njyMLz2

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AFSA_DCAFSA@AFSA_DC·
9 Jul

Read why AFSA supports loan forgiveness legislation: https://t.co/ddkECE0RyH

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AFSA_DCAFSA@AFSA_DC·
18 Jun

Good news out of California, where consumer access to credit won’t be hindered and lenders can continue to help their customers during this time of economic disruption. Read AFSA's statement: https://t.co/MzfUXejJie

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