The CFPB has published a notice in the Federal Register indicating that it has hired a contractor to conduct one-on-one consumer interviews “to evaluate and refine potential options for a Bureau-designed payday loan disclosure.” The Bureau indicated when it issued its final rule rescinding the ability-to-repay provisions in its final payday loan rule that it planned to conduct research on developing potential disclosures for payday loans.
In the notice, the Bureau states that through the interviews, it will collect information “on how consumers locate, comprehend, and use information in the disclosures.” Consumers will be asked questions “about their impressions of the [disclosures], comprehension of information presented, usability, and decision making.” The Bureau expects the testing to conclude by September 2021 and states that it may use the results “along with other considerations, to inform the decision-making process around whether to move forward with a rulemaking related to payday loan disclosures.”
Comments are due by December 14, 2020.