The Bureau decided to begin the process of fact gathering to assess whether there was a need for federal regulations at the same time

The Bureau decided to begin the process of fact gathering to assess whether there was a need for federal regulations at the same time

to avoid unjust, misleading, or abusive acts or methods. In January 2012, the Bureau held an industry hearing in Birmingham, Alabama to listen to straight from stakeholders in addition to general public about real customer knowledge about tiny buck loans, including both loans made available from non-depository organizations and loans made available from specific banking institutions and credit unions. Alabama is a situation with one of many number that is highest of payday loan providers per capita in the nation. The field hearing included testimony from customer and civil liberties teams, industry representatives, and people in the general public and offered the CFPB with understanding of the lending market that is payday. The Congressional delegation compared to that occasion and had been honored to own Congresswoman Terri Sewell attend and be involved in the big event aswell. (more…)