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State Bank Regulators Support Bill Restricting Online Payday Lending

 

April 10 - CSBS has issued a letter of support to Senator Jeff Merkley, D-Ore., and Representative Suzanne Bonamici, D-Ore., in strong support of the Stopping Abuse and Fraud in Electronic Lending Act of 2013 (the SAFE Lending Act).

In addition to overseeing state-chartered banks, CSBS’s members license and regulate a variety of non-bank financial services. This combined portfolio of regulatory responsibility provides state bank regulators with a comprehensive and detailed sense of local credit markets. In the letter, CSBS points out regulatory and supervisory challenges identified by state regulators with unlicensed and unregulated online payday lenders. The SAFE Lending Act (S.172, H.R.990) strengthens state authority and local accountability over illegal online payday lending activity and brings together state and federal regulators in a coordinated and collaborative manner to create a comprehensive and balanced regulatory regime.

“State financial regulation is a locally based and locally accountable regulatory regime focused on economic development and the health of local credit markets,” CSBS President and CEO John W. Ryan wrote. “Our members support the SAFE Lending Act because it ensures the applicability of state law to loans made to consumers within their state borders and it creates a more comprehensive state-federal enforcement regime for Internet payday lenders. The SAFE Lending Act empowers states to provide oversight in a manner that protects both consumers and companies that operate in accordance with state law.”

The CSBS letter of support is available here.

 

 


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