On Wednesday, July 24, the Senate’s Special Committee on Aging will hold a hearing entitled “Payday Loans: Short-term Solution or Long-term Problem?”  Senator Elizabeth Warren is a Committee member. 

There will be two panels of witnesses.  The members of the first witness panel are: 

  • David Silberman, Associate Director, Research, Markets, and Regulations, CFPB
  • Mark Pearce, Director Division of Depositor and Consumer Protection, FDIC
  • Eric Wright, Staff Attorney, Maine Bureau of Consumer Credit Protection 

The witnesses on the second panel will be: 

  • Annette Smith, Deposit Advance Consumer/Social Security Beneficiary
  • Rebecca Borne, Senior Policy Counsel, Center for Responsible Lending
  • Dennis Shaul, CEO, Community Financial Services Association of America
  • Richard Hunt, President and CEO, Consumer Bankers Association

 … Continue Reading

Earlier today, the CFPB released a white paper reporting on its study of 15,000,000 storefront payday loans and 100,000 accounts eligible for deposit advances (of which approximately 15% involved a deposit advance during the study period). At the same time (and probably not coincidentally), “people familiar with the matter” leaked that the OCC and FDIC are “set to hand down tough new rules to govern” deposit advances.… Continue Reading