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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

AFSA President Warns of APR Bill’s Unintended Consequences

November 26th, 2019|Comments Off on AFSA President Warns of APR Bill’s Unintended Consequences

In a recent piece in the Military Times, American Financial Services Association (AFSA) President Bill Himpler warns of the unintended consequences of new federal legislation that would impose a Military Lending Act-style APR cap [...]

Federal APR Cap Bill Concerns National Black Chamber

November 19th, 2019|0 Comments

A recent letter from the National Black Chamber of Commerce to US House Committee on Financial Services Chair, Maxine Waters (D-CA), points to the potential consequences of the imposition of a 36% Annual Percentage Rate [...]

The Scourge of “Debt Settlement” Companies

November 13th, 2019|Comments Off on The Scourge of “Debt Settlement” Companies

In recent years NILA members have had to expend significant resources on managing the influence of so-called “debt-settlement” companies (DSCs) which claim to settle, renegotiate or in some way change the terms of a [...]

AFSA's Danielle Fagre Arlowe responds to a recent misguided report on exemptions in bankruptcy and debt collection. https://t.co/ixaFN0tnZk

Listen to @CarrieSchwab talk with @CNBC on the importance of financial literacy and more. https://t.co/h8Ds57SzKM

Federal APR Cap Bill Concerns National Black Chamber https://t.co/ZlrwWeh7ar #loans

Debt settlement companies damage prospects for financial mobility and leave borrowers worse off than they were originally.

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