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OBA submits comment letter on small dollar loan rule

The OBA, today, submitted a comment letter to the Consumer Financial Protection Bureau concerning the small dollar loan rule.

The letter proposes it is difficult, if not impossible, for any entity that's subject to the proposed rule to know whether its well-intentioned activities have been conducted in accordance with the rule. By making this rule intentionally so complex, the CFPB has unnecessarily created another new compliance risk for any traditional community bank to make a small dollar loan.

You can read the entire letter by clicking here.

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