Remarks by Richard Cordray during the cash advance industry Hearing in Birmingham, AL
Today thank you, Congresswoman Sewell and U.S. Attorney Vance for joining us. We have been in Birmingham to keep our very first industry hearing on payday financing.
Dr. Martin Luther master, Jr. as soon as stated, “The dignity regarding the person will thrive as soon as the choices concerning his lifestyle come in their own arms, as he has got the way to look for self-improvement.”
During the customer Financial Protection Bureau, we profoundly have confidence in empowering someone to enable them to making informed monetary choices and need obligation for all 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 again that this can be an industry hearing. We arrived right right here to concentrate, to understand, and also to gather info on the floor that will assist notify our method of these problems. Our company is convinced difficult about these presssing problems, so we don’t have all of the answers resolved at all.
Payday advances are short-term, high-cost loans built in change for dedication to payment through the person’s paycheck that is next.