SBA Office of Advocacy Roundtable on Payday, Vehicle Title, and Certain High Cost Installment Loans

The SBA Office of Advocacy will host a Small Business Roundtable on September 14, 2016 from 1:00 - 3:00 p.m. ET on the Consumer Financial Protection Bureau’s (CFPB) proposed rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans.

Over 50,000 small entities may be impacted by the proposed rule. The roundtable will focus on the potential economic impact that the proposed rule may have on small entities in rural communities. 

The CFPB proposal generally would cover two categories of loans. First, the proposal generally would cover loans with a term of 45 days or less. Second, the proposal generally would cover loans with a term greater than 45 days, provided that they (1) have an all-in annual percentage rate greater than 36 percent; and (2) either are repaid directly from the consumer’s account or income or are secured by the consumer’s vehicle. Additional information about the proposal can be found at: https://www.sba.gov/advocacy/payday-vehicle-title-and-certain-high-cost-installment-loans.

The roundtable will be held at the London Community Center, 529 S. Main Street, London, Kentucky 40741. The Office of Advocacy is planning to hold additional roundtables on the payday lending proposal in Madison, WI and Washington, DC. The CFPB has been invited to attend. In order to take advantage of this opportunity and obtain meaningful input, the Roundtable will focus on the cost of the proposal on small entities, and what feasible alternatives might be available that would achieve the regulatory objectives in a less costly way. As such, please be prepared to discuss these issues and provide data that supports your views.  Please note that this is an open meeting.  Please feel free to circulate this notice to your colleagues.

If you would like to attend the Small Business Roundtable please RSVP by September 9th to Jennifer.smith@sba.gov or call 202-205-6943 if you have any questions or require additional information.

Roundtable meetings are open to all interested persons, with the exception of the press, in order to facilitate an open and frank discussion about small business-related issues. Agendas and presentations are available to all, including the press. Anyone who would like to receive roundtable agendas or presentations, or be included in the regular distribution, should forward such requests to Jennifer.smith@sba.gov. The purpose of these roundtable meetings is to exchange opinions, facts, and information and to obtain the attendees’ individual views and opinions regarding small business concerns. The meetings are not intended to communicate or achieve any consensus positions of the attendees.