Payday lending eyed in March 26 CFPB field hearing

CFPB announced it will host a field hearing on payday lending at noon Eastern March 26 in Richmond, Va. NAFCU Regulatory Affairs Counsel Alexander Monterrubio will attend.

CFPB Director Richard Cordray will deliver remarks during the event. Panelists have yet to be named, but the bureau says consumer groups, industry representatives and members of the public will participate.

During a House Financial Services Committee hearing earlier this month, Cordray told panel members that a proposal on payday lending is expected to be out “soon.”

Credit unions are authorized by NCUA to offer small-dollar, short-term loans to their members. The NCUA rules set strict limits on the amount, duration and number of loans that can be provided to a single member at any one time.

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