Pew Recommends Improvements to Virginia’s Proposed Vehicle Title Loan Rules

Comment letter provides additional input on Fairness in Lending Act implementation effort

Pew Recommends Improvements to Virginia’s Proposed Vehicle Title Loan Rules

On Feb. 9, 2021, The Pew Charitable Trusts filed a letter commending Virginia’s Bureau of Financial Institutions for its effort to establish clear and thorough regulations for implementation of the Fairness in Lending Act of 2020. The law puts in place major consumer financial services reforms, eliminating short-term payday loans, improving consumer protections on vehicle title and other small-dollar loans, reducing customer costs, and preserving widespread access to credit.

Pew’s letter focuses on the draft vehicle title lending provisions and suggested several technical revisions intended to enhance consumer protections and enable responsible lenders to serve customers in the commonwealth.