Collector - December 2017 - 39

to consider how the market for longer-term
loans is evolving and the best ways to address
concerns about existing potential practices."
"All lenders who regularly extend credit
are subject to the CFPB's requirements
for any loan they make that is covered by
the rule," states the CFPB. "This includes
banks, credit unions, nonbanks, and their
service providers. Lenders are required to
comply regardless of whether they operate
online or out of storefronts and regardless
of the types of state licenses they may hold.
These protections are in addition to existing
requirements under state or tribal law."
Although the rule does not prohibit
lenders from making payday and other small
dollar loans, its onerous ability-to-repay
requirements have led lenders to conclude
that the rules effectively "would wipe out

the market for short-term payday loans,"
according to The Wall Street Journal.
Dennis Shaul, CEO of the Community
Financial Services Association of America,
released a statement calling out the CFPB for
its flawed rulemaking process and politically
motivated agenda in issuing the final rule.
"This federal small-dollar lending rule
is a tremendous blow to the more than one
million Americans who spoke out against
it during last year's comment period," Shaul
said. "The CFPB's coziness with special
interest groups during the rule's crafting, its
failure to address any kind of illegal lending
in this final rule, and its disregard for the
consumers who have spoken out against the
rule only lend more credence to suspicions
of a partisan political agenda guiding the
Bureau's actions."

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ACA International also emphasized the
CFPB's flawed rulemaking process in its
comments opposing the payday lending
proposed rule in October 2016. ACA
argued that the bureau acted in an arbitrary
and capricious manner by substituting its
own policy preference for actual evidence
of how the covered markets work.
The payday lending final rule takes effect
21 months after it is published in the Federal
Register, however the provisions that allow
for registration of information systems,
including the credit reporting systems, take
effect 60 days after publication.
A copy of the final rule is available here:
http://bit.ly/2kstXfK.
Katy Zillmer is ACA International's
communications specialist.

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COLLECTOR 12.17

39


http://www.bit.ly/2kstXfK http://www.acainternational.org/shop

Table of Contents for the Digital Edition of Collector - December 2017

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Stronger Together
Taking a Layered Approach
Lines of Communication
Calendar
Honor Roll
Collective Intelligence
CFPB Issues Final Rule for Small Dollar Lending Market
Ask the Experts: Training Advice
Court Rules Voicemail is a “Communication" and Disclosing Name of Collection Agency Provides “Meaningful Disclosure” Under FDCPA
Compliance
ACA SearchPoint
Last Word
Collector - December 2017 - Cover1
Collector - December 2017 - Cover2
Collector - December 2017 - 1
Collector - December 2017 - 2
Collector - December 2017 - President’s Page
Collector - December 2017 - Industry News
Collector - December 2017 - 5
Collector - December 2017 - 6
Collector - December 2017 - 7
Collector - December 2017 - Best Practices
Collector - December 2017 - 9
Collector - December 2017 - FYI
Collector - December 2017 - 11
Collector - December 2017 - Collection Tips
Collector - December 2017 - 13
Collector - December 2017 - Stronger Together
Collector - December 2017 - 15
Collector - December 2017 - 16
Collector - December 2017 - 17
Collector - December 2017 - 18
Collector - December 2017 - 19
Collector - December 2017 - Taking a Layered Approach
Collector - December 2017 - 21
Collector - December 2017 - 22
Collector - December 2017 - 23
Collector - December 2017 - 24
Collector - December 2017 - 25
Collector - December 2017 - Lines of Communication
Collector - December 2017 - 27
Collector - December 2017 - 28
Collector - December 2017 - 29
Collector - December 2017 - 30
Collector - December 2017 - 31
Collector - December 2017 - 32
Collector - December 2017 - 33
Collector - December 2017 - Calendar
Collector - December 2017 - Honor Roll
Collector - December 2017 - Collective Intelligence
Collector - December 2017 - 37
Collector - December 2017 - CFPB Issues Final Rule for Small Dollar Lending Market
Collector - December 2017 - 39
Collector - December 2017 - Ask the Experts: Training Advice
Collector - December 2017 - 41
Collector - December 2017 - Court Rules Voicemail is a “Communication" and Disclosing Name of Collection Agency Provides “Meaningful Disclosure” Under FDCPA
Collector - December 2017 - 43
Collector - December 2017 - Compliance
Collector - December 2017 - 45
Collector - December 2017 - ACA SearchPoint
Collector - December 2017 - 47
Collector - December 2017 - Last Word
Collector - December 2017 - Cover3
Collector - December 2017 - Cover4
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