Statement on the CFPB’s Small-Dollar Lending Report
April 6, 2022, Washington, D.C. – INFiN, a Financial Services Alliance, issued the following statement, attributable to executive director Ed D’Alessio, addressing the Consumer Financial Protection Bureau (CFPB)’s report on small-dollar loan payment plans and state-level protections:
“INFiN members work with every customer to ensure they borrow loans that meet their needs and means, and help them to be successful borrowers. If a customer experiences difficulty paying back a loan within the arranged timeframe, members work with them to find the best way to deal with their individual situation and to repay the loan. As part of our association's comprehensive set of best practices, all companies provide extended payment plans (EPP), unless prohibited under state law. The EPP allows customers a longer repayment period at no additional charge, and without compounding interest or other fees. EPP options are fully disclosed and explained to customers, both in contracts and in-person at community-based locations across the country and in accordance with state law.
“We are committed to working with the CFPB and other state and federal regulators to ensure every customer has a positive experience with our products, and are not only informed of their options like EPP but take advantage of them to enable and empower financial inclusion and stability.”
INFiN, a Financial Services Alliance, is the leading national trade association representing the diverse and innovative consumer financial services industry. Formerly Financial Service Centers of America (FiSCA), INFiN members deliver critical products and services to meet U.S. consumers’ ever-evolving needs and expectations, enabling essential financial inclusion and stability. For more information, visit www.INFiNAlliance.org.