Statement on CFPB’s No-Action Letter to Bank of America Regarding Certain Small-Dollar Loan Products

November 6, 2020, Washington D.C. – INFiN, a financial services alliance, issued the following statement in response to the CFPB’s recent action to grant a no-action letter (NAL) to Bank of America, regarding certain small-dollar credit products:

“The CFPB’s recent action to grant Bank of America the ability to provide certain small-dollar loans serves as just the latest example of a regulatory decision that reinforces the strong consumer demand for such credit – which millions of Americans, particularly middle-income working families, value.

INFiN supports a competitive financial services marketplace that enables consumers to choose the product that best meets their individual financial needs. Particularly during times of financial challenge, we strongly believe consumers benefit from more financial options, not fewer, and that they will continue to choose and appreciate non-bank small-dollar credit solutions because they are simple, reliable and convenient. We encourage financial regulators at the federal and state levels to ensure a level regulatory playing field across banks and non-bank providers, affording critical consumer protections alongside access to credit and greater financial inclusion.”

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