Key Takeaway

The CFE Coalition supports strong CFPB payday lending rules that consider ability to repay; cycles of repeat borrowing; and misaligned loan durations.

The 15-member CFE Coalition has weighed in on key federal policy issues since its founding in 2008.

In 2016, the CFE Coalition released its 2016 Policy Agenda, outlining the legislative and regulatory reforms it seeks to advance. Key policy areas of interest include expanding access to financial products and services; improving financial capability; promoting asset building opportunities; and strengthening and expanding consumer financial protections. Specifically, the agenda supports newly-released Consumer Financial Protection Bureau proposed payday loan regulations, expanded access to financial counseling and safe banking products, and a reduction in municipal fees and fines.

Additional Takeaways

The CFE Coalition recommends strengthening the CRA service test, and consistent, narrow standards for account screening, to facilitate safe bank account access.

The CFE Coalition encourages federal identification and funding of high-quality financial counseling models to improve financial security.

The CFE Coalition urges the elimination of excessive fees and fines, predatory debt collection practices, and incarceration and license suspension as debt collection tools.

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