Businesses that offer individuals cash till payday, often at very high interest rates, came under federal scrutiny in January in Birmingham, during the first public hearing of the U.S. Consumer Financial Protection Bureau since its new director, Richard Cordray, was installed.
The bureau’s goal isn’t to wipe out payday lenders, Cordray told Bloomberg. Instead, the goal should be that “we all look to develop a more vibrant, competitive market for small consumer loans, ” he said.
Nedra Bloom
