Another SAFE Act? This One Would Require Small-Dollar Lenders to Register with CFPB
Lenders of small-dollar loans, one definition of which would be $5,000 or less and payable in one or more installments of less than 12 months, would be required to register with the CFPB under a new bill expected to be addressed by a group of Democratic Senators. The bill would be called the "Stopping Abuse and Fraud in Electronic Lending Act of 2016," or "SAFE Lending Act of 2016." No word on whether there is any movement toward a bill that would preclude use of duplicate acronyms for different regulations. [4/4/16]
