The CFPB has announced that it will hold a field hearing on payday lending on
March 26, 2015 in Richmond, Virginia. Like other CFPB field hearings, the event will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.
At his appearance last week before the House Financial Services Committee, Director Cordray indicated the CFPB would soon be convening a small business panel to provide input on the payday and small dollar loan rules under consideration. (The Small Business Regulatory Enforcement Fairness Act requires the CFPB to convene a small business panel before rolling out regulations that the CFPB expects to have a significant impact on a substantial number of small business entities.)
Given the CFPB’s practice of using field hearings as the venue for announcing new developments, we are expecting an announcement from the CFPB about its payday loan rulemaking plans.