The CFPB has announced that on July 17, 2014, it will hold a field hearing in El Paso, Texas on consumer complaints. Director Cordray will be speaking at the event, which will also feature testimony from consumer groups, industry representatives, and members of the public.
Given the CFPB’s practice of using field hearings as a forum to announce related CFPB developments, it is likely the event will include such an announcement. As the CFPB is currently moving forward on a proposed small dollar loan rule, one possibility is that the CFPB will use the event to announce the release of a report on the payday loan complaints it has received. The CFPB began taking such complaints in November 2013. It has previously issued “snapshot” reports on other categories of complaints it has received, such as private student loan complaints and complaints from military servicemembers, but has not yet issued a report on payday loan complaints.
Another possibility is that the CFPB will announce a further expansion of its complaint system to include a new product or service, such as complaints about prepaid cards. The CFPB is expected to issue a proposed prepaid card rule at the end of this summer.