CFPB Hearing on Payday Lending (March 16, 2015)
The CFPB will be holding a field hearing concerning payday lending at noon EDT, Thurs., March 26, in Richmond, Va. Earlier this month, New York State Department of Financial Services Superintendent Benjamin Lawsky wrote a letter to the CFPB, calling on the bureau to adopt strong payday loan rules, including a restriction from sharing consumers’ personal information by payday lenders, lead generators and other third parties; and creating an “ability-to-repay” standard for payday loans. The hearing is open to the public, but requires an RSVP. The event also will be streamed on the CFPB’s blog. Given the CFPB’s track record of releasing studies or rulemaking proposals at such events, the agency is expected to announce plans for payday lending regulation.
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