Accounting for Consumer Credit and Encouraging State Solutions Act of 2016 or the ACCESS Act of 2016
This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to grant to a state or federally recognized Indian tribe that submits a written request a five-year waiver from a final rule or regulation issued by the CFPB to regulate payday loans, vehicle title loans, or other similar loans.
The state or tribe receiving a waiver shall have the right to an unlimited number of five-year extensions of such waiver.
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