Attorney Published Article
A Survey of Small Dollar Lending, State Law Trends, and CFPB ActionRead Time: 1 min
American Bar Association Consumer Financial Services Committee 101 Series Publications
The legal landscape of small dollar lending regulation is in a near-constant state of change, with regular amendments to the governing laws at the state level and the likelihood of significant regulation by the Consumer Financial Protection Bureau (“CFPB”) on the horizon. Small dollar lending takes many forms, including payday lending, title lending, small dollar installment lending, and deposit advance loans. This article summarizes the basic structure of these small dollar loans, addresses the state law trends impacting small dollar lending generally, and examines the role of the CFPB in small dollar lending moving forward.