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Remarks by Richard Cordray during the Payday Loan Field Hearing in Birmingham, AL

Remarks by Richard Cordray during the Payday Loan Field Hearing in Birmingham, AL

Many thanks, Congresswoman Sewell and U.S. Attorney Vance for joining us today. We have been in Birmingham to put on our field that is first hearing payday financing.

Dr. Martin Luther King, Jr. as soon as stated, “The dignity regarding the person will grow once the choices concerning their life come in their hands that are own as he has got the way to seek self-improvement.”

During the customer Financial Protection Bureau, we profoundly have confidence in empowering individuals in order to make informed decisions that are financial simply take obligation for anyone choices.

I will take a few minutes to discuss the payday lending market and our role in overseeing it before we open this hearing. Allow me to stress once more that this will be an industry hearing. We arrived right right right here to pay attention, to understand, also to gather all about the bottom that can help notify our way of these problems. We’re thinking difficult about these dilemmas, therefore we don’t have all of the answers exercised in the slightest.

Payday advances are short-term, high-cost loans produced in trade for a consignment to payment through the person’s next paycheck. Continue reading Remarks by Richard Cordray during the Payday Loan Field Hearing in Birmingham, AL