Alert March 18, 2014

CFPB To Hold Hearing on Payday Lending

The CFPB, in alignment with its continuing focus on payday lending, will hold a field hearing in Nashville, Tennessee on March 25, 2014, on payday lending. The CFPB previously took enforcement action against a payday lender for unfair and deceptive practices and actions related to the lender’s practice of allegedly “robo-signing” affidavits (see November 26, 2013 Alert). The New York and Colorado state attorneys general also settled with an online payday lender for unlicensed lending and violations of state usury laws (see February 4, 2014 Alert).