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CFSA Projects More Than One Million Customers Voice Opposition to CFPB's Restrictive Payday Lending Rule
CFPB Must Clear Massive Backlog
to Track Progress
Alexandria, Va., October 5, 2016 -The Community Financial Services Association of America (CFSA) anticipates that more than one million concerned Americans will have spoken out against the CFPB's proposed short-term credit rule during the comment period that ends October 7.
In late September, Director Cordray said the CFPB had received over 500,000 comments on its rule proposal - a record-breaking number - and it appears that this number has doubled by the end. The CFPB now faces a massive backlog of public comments that must be uploaded to the Regulations.gov comment portal and reviewed before the Bureau can begin deliberations on the proposed rule.
The CFPB now faces a massive backlog in its comment portal. Presently, only 89,919 comments are publicly accessible on the Bureau's Regulations.gov comment portal. According to Director Cordray's estimates, this indicates a backlog of at least 410,000 comments that the CFPB must account for. Using CFSA's projection of at least one million customers having voiced opposition to the rule, the backlog would be more than 910,000.
Once the CFPB addresses this comment backlog, it is also required to carefully review all comments prior to any further deliberations on the proposed rule. The Bureau has said it will do this, according to a statement that notes it will "carefully consider all comments it receives as it moves towards crafting a final rule."
In an effort to monitor the CFPB's progress in addressing the backlog and examine the overwhelming number of customer comments opposing the CFPB's proposed rule, CFSA has launched
CFPBCommentWatch.com. This website will serve as a tool for stakeholders and the media to easily monitor the CFPB's progress in clearing the backlog of public comments and uploading all comments for public viewing, as well as to ensure that the Bureau listens to the outpouring of customer voices on this rule.
This update is an example of the type of information CFSA members receive, which we hope you will find useful.
HAVE QUESTIONS?
Should you have any questions about the content of this memo, please
contact
CFSA Chief Operations Officer Charles Halloran at
charles@cfsaa.com
or
888.572.9329
The Community Financial Services Association of America is the only national organization dedicated solely to promoting responsible regulation of the small-dollar lending industry and consumer protections through CFSA's Best Practices. As such, we are committed to working with policymakers, consumer advocates, and CFSA member companies to ensure that small-dollar loans are a safe and viable credit option for consumers.
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