The rule is open for a 90-day public comment period, ending on October 7, 2016.
WE URGE YOU TO PLEASE SUBMIT A COMMENT TO THE CFPB TO OPPOSE THE PROPOSED RULE ON SHORT-TERM LENDING.
Here is how you can submit a comment:
Option 1. Email:
FederalRegisterComments@cfpb.gov.
Include Docket No.CFPB-2016-0025 or RIN 3170–AA40 in the email’s subject line.
CLICK HERE FOR A PREFORMATTED EMAIL TO SEND
Option 2. Electronic:
CLICK HERE TO ACCESS THE ELECTRONIC FORM
Please follow these step-by-step instructions:
1. Fill in your first and last name
2. Type or paste your comment into the comment field and upload any additional attachments (up to 10MB each)*.
CLICK HERE TO DOWNLOAD A DRAFT COMMENT
3. Click the “Continue” button to preview and double check your submission.
4. To complete your comment you must first agree to the disclaimer and check the box.
5. Then, click the “Submit Comment” button.
6. Upon completion, you will receive a Comment Tracking Number for your comment. (Comments are not retrievable once submitted. To make changes, submit another comment referring to your previous comment correcting any errors and or restating your position/opinion)
7. Once a Federal agency completes its review and posts your comment, you can find it online by entering the Comment Tracking Number in the search field on the homepage.
Option 3. Mail
Reference Docket No.CFPB-2016-0025 or RIN 3170–AA40
Monica Jackson
Office of the Executive Secretary, Consumer Financial Protection Bureau
1700 G Street, N.W.
Washington, DC 20552
CLICK HERE TO DOWNLOAD A DRAFT LETTER
Please act now, and remember to let us know you took action so we can credit your efforts.
Why does BizFed Oppose the CFPB Proposal Governing Short-Term Lenders?
The CFPB’s proposed rules will severely restrict access to short-term loan products and remove this option for thousands of Californians who use short-term loans to manage unexpected and periodic financial difficulties. In the absence of this service, studies show many borrowers will instead use more expensive services or turn to high-risk unlicensed lenders. Additionally, there are thousands of payday lending centers throughout the state (more than 2,400, according to one study by California State University, Northridge) employing thousands of people, whose jobs would be at risk if new rules close their doors.
If you have any questions, please contact Dustan Batton at Dustan.Batton@BizFed.org.
