Many thanks, Congresswoman Sewell and U.S. Attorney Vance for joining us today. Our company is in Birmingham to keep our very first industry hearing on payday financing.
Dr. Martin Luther King, Jr. as soon as stated, вЂњThe dignity regarding the person will grow if the choices concerning their life come in their hands that are own as he gets the way to look for self-improvement.вЂќ
During the customer Financial Protection Bureau, we profoundly rely on empowering individuals to enable them to make informed decisions that are financial just simply take obligation for the people choices.
Before we open this hearing, i’ll just take a couple of minutes to talk about the payday financing market and our role in overseeing it. Allow me to stress once again that this really is an industry hearing. We arrived right here to concentrate, to understand, also to gather informative data on the bottom which will help notify our way of these problems. We’re thinking hard about these dilemmas, and we also don’t have all of the answers resolved at all.
Payday advances are short-term, high-cost loans built in change for a consignment to payment through the man or woman’s paycheck that is next. Based on reports through the industry, about 19 million households that are american presently deciding to borrow cash through pay day loans.
Payday financing even as we understand it’s grown quickly considering that the 1990s.Continue reading