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New federal reserve report finds millions of americans struggle to cover unexpected expenses.

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New federal reserve report finds millions of americans struggle to cover unexpected expenses.

New federal reserve report finds millions of americans struggle to cover unexpected expenses.

The latest survey of U.S. residents’ economic situation conducted by the Federal Reserve showed that though their well-being became much better over the last 5 years, 40% still weren’t able to pay unexpected bills in the amount of $400. Besides, about 1/5 Americans find it difficult to deal with their monthly expenses, ¼ can’t afford necessary medical or dental care, and more than 13 mln people are unbanked or underbanked, which means they don’t even have bank accounts.

Sad to accept but the majority of hard workers hardly make both ends meet struggling from one paycheck to the other. In such circumstances the CFPB’s suggestion to deprive them of such a helpful and necessary source of credit as small-dollar loans seems rather silly, says Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA).

He thinks that Payday cash advance will still be in great demand, even if it’s prohibited. Banning legal lending will only strengthen the borrowers’ desire to get money and will make them seek for it in any other illegal way. That’s why CFSA decided to provide the Americans and small businesses facing some financial problems with a relief not to let them be hurt by these regulations.

There have been other researches of household economic situation in the USA. All of them only prove these concepts. The Federal Deposit Insurance Corporation’s (FDIC) pointed that 7% of the population including 15.6 million adults and 7.6 million children didn’t have their own bank account in 2015, 20% families were underbanked and had a short-term loan to help them survive.

CFSA also claims that the Consumer Financial Protection Bureau’s rule goes against the Administrative Procedure Act (APA) as it exceeds their statutory authority and is not supported by enough evidence. Besides they argue the structure of the Bureau in itself saying it’s unconstitutional. The power mustn’t be concentrated in the Director only, otherwise American people can’t account on him.

 

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