Payday Lending Is Focus of Consumer Bureau Alabama Hearing
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U.S. Consumer Financial Protection Bureau officials, holding their first public hearing since Richard Cordray was installed as director, gathered information on so-called payday lending as they plan oversight of firms faulted for taking unfair advantage of low-income borrowers.
“The purpose of all our research and analysis and outreach on these issues is to help us figure out how to determine the right approach to protect consumers and ensure that they have access to a small-loan market that is fair, transparent and competitive,” Cordray said at the field hearing today in Birmingham, Alabama.