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House Members Push Back on Small-Dollar Proposal

A group of House members led by Oversight and Investigations Subcommittee Chairman Sean Duffy (R-Wis.) expressed concerns with the Consumer Financial Protection Bureau’s recent proposed rules on small-dollar loans. In a letter to the CFPB, the lawmakers wrote that the proposal would restrict access to credit and harm consumers.

In a November comment letter, ICBA said the proposal should not be so broad or indiscriminate that it inadvertently forces community banks out of the market. In a separate comment letter submitted in October, ICBA urged the CFPB to exempt community banks from the proposal and to recognize the differences between these and other lenders.

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