CFPB Field Hearing on Payday Lending Made Remarks

CFPB Field Hearing on Payday Lending Made Remarks

CRL president Mike Calhoun delivered the after testimony at the customer Financial Protection Bureau field hearing on pay day loans in Richmond.

Starting Remarks

Many thanks when it comes to chance to take part on today’s panel. This might be a hearing that is critical the scores of working families that are snared when you look at the financial obligation trap of unaffordable loans.

A brief history of this legislation of payday lending takes us to your states. Payday advances were legalized just in relatively the past few years and just in certain states, because of payday loan providers’ pressing for an exclusion to a situation’s rate of interest limitation. Continue reading “CFPB Field Hearing on Payday Lending Made Remarks”