CFPB: We Need More Data About Payday Lenders

January 24, 2012
payday lending news

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.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.