The CFPB has announced that it will be holding a field hearing on payday loans on March 25, 2014 in Nashville, Tennessee. The event will feature remarks by Director Cordray and testimony from consumer groups, industry members, and the general public.
The CFPB’s rulemaking agenda issued at the end of last year included “prerule activities” concerning payday loans and deposit advance products targeted for this month. It is possible that the CFPB will use the field hearing to unveil a further “white paper.” (In its white paper on these products issued in April 2013, the CFPB stated that it would be conducting further research and analysis.) Another (and more ominous) possibility is that the CFPB will use the event to announce the issuance of an advance notice of proposed rulemaking on payday loans and deposit advance products.