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Bank and Consumer Groups Petition CFPB for Oversight of Non-bank Personal Loans

September 15, 2022
Payday and Other Small Dollar Loans
Small Consumer Loans
Comment Letter

The market for personal loans is massive and growing, yet the fintechs and other non-bank lenders who make such loans are not subject to regular oversight by the Consumer Financial Protection Bureau (CFPB), which has “created an unlevel playing field and a large risk to consumers,” write the Consumer Bankers Association (CBA) and the Center for Responsible Lending (CRL). The groups jointly filed a petition for the CFPB to develop a rule that would define larger participants in the market for personal loans so that sizable non-depository lenders would be subject to consistent CFPB supervision as large banks and credit unions making such loans already are.

Read the petition.