In a subcommittee meeting of the House Oversight Committee, the newly appointed
head of the Consumer Financial Protection Bureau said the agency needs to learn
the ins and outs of payday lenders before it can regulate the non-bank entities.
"We need to analyze this and think carefully about it, hear from people and then
make judgments," said CFPB director Richard Cordray. When asked whether he would
ban payday lenders, he said he does not consider these issues in terms of
banning products. Cordray also said his agency is setting up two advisory panels
with banks and credit unions but could add another for nonbank firms. GOP
legislators at the hearing recommended that Cordray provide Congress with
information on the watchdog's agenda for the next year. The lawmakers said the
details would help alleviate uncertainty in the business community.