CFPB: We Need More Data About Payday Lenders

January 24, 2012
MarketWatch 
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.
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