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We held a field hearing on payday loans in Nashville, Tennessee.

The live event has now ended.

The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, academics, and members of the public.

Watch a recording of the event below.

  • William Sullivan

    THANKS for webcasting this event

  • William Sullivan

    When will CFPB issue any guidance or NPRM on this issue? Will it include online payday lending?

  • John

    I am interested in ‘Lisa from Pennsylvania’. It is my understanding that payday lending is not allowed in this jurisdiction. How did Lisa get a loan there?

  • William Sullivan

    Is there a lot of buffering going on with webcast? Speakers are breaking up quite a bit

  • Sarah

    Please make this video available for viewing after event, a transcript would be helpful too. Alot of buffering on live stream, hard to follow.

    • Joe

      The transmission is impossible to follow – constant buffering

    • http://www.consumerfinance.gov CFPB Web Team

      The recording is available now. Sorry you had trouble with the livestream.

  • Todd

    This is unwatchable and it’s getting worse as it goes on. Too choppy and just overall poor quality. Please provide link to full video afterwards.

    • http://www.consumerfinance.gov CFPB Web Team

      The recording is available now.

  • William Sullivan

    I think your streaming vendor may have let you down. We have now lost all video/audio & are staring at a blank CFPB screen. This is a really important event and it is being missed by the 350+ who are trying to stream it.

    • http://www.consumerfinance.gov CFPB Web Team

      Sorry you had trouble with the livestream. The recording is available now.

  • Scoot

    coming in just fine

  • Scoot

    As a veteran I would not recommend a loan from any of these institutions. Ever.

  • A concerned American

    Another self-serving presentation. Of course, the consumer groups would show up to testify, and of course consumers will be drawn in complaining and crying about payday lenders. And of course, the CFPB gets support for its position to regulate more. But tell me, did any payday lenders actually show up and speak in opposition to the tactics that the CFPB is using to protect consumers? Probably none or very few. The reason is because they are afraid of the CFPB. And while many groups will respond to their fear as being a good thing, is that really a policy that a federal agency wants to have? Scare businesses across the board? Sure, no one can oppose a good story or approach on consumer protection. But the CFPB is being very disingenious by not showing the real impact and cost of its involvement in the industry. Short term attacks and penalities make good press releases and support data-driven studies, but really do nothing longterm to protect consumers. The Director needs to take a good, hard look at what his staff is doing to intimidate businesses into changes in practices, and whether those practcies are having any real longterm impact on protecting consumers. We know that the CFPB really just wants to ban the Payday industry, but can’t legally, so instead it is just going to over regulate it in the name of consumer protection. It would be better if the CFPB would just come out and say that, and let companies voluntarily plan their exit from the industry. For example, yesterday at a major industry conference, the general counsel of a large credit rating bureau spoke and explained how the CFPB essentially bullied them into changing practices that, even though the company explained repeatedly would hurt consumers, the CFPB would not listen and wanted to show “it was doing something.” The result was longer wait times for consumers and an arrogance from the CFPB that motivated the company to act out of fear and not in the best interest of the consumers. I am troubled by these Town Hall meetings because an ethical, good Director (Mr. Corduary) continues to embolden the actions of an over-agressive staff that is acting to self-promote themselves and harm consumers (in the name of consumer protection). Mr. Corduray should come out and tell Americans that they would be better without the Payday industry and then let the market sort such out. Instead, letting CFPB managers bully companies so they can get good press and advance themselves does nothing longterm to better consumers. Also, if you disagree with this, take a look at who the CFPB hires these days. And look at the lax revolving door policy they have. These regulators make their own big hits on companies, then poisiton themselves for private sector jobs. It’s a game and Mr. Corduray should take a hard look at extending some of his own, personal strong ethics to that of his unruly staff. The Director is a good guy with a good mission, but he needs to get control over his agency.

  • Fernando

    From my European perspective it is really hard to understand the position of the CFPB. They tell just the same as the consumer associations, but shouldn’t they be impartial? Are any of those consumers obliged to borrow money from anyone? Would it be better to regulate and leave some part of the population without any access at all to borrowing money just because someone thought for them that they were better left without?
    Please create the conditions for greater competition if you want to lower the costs of borrowing.
    Stop prohibiting everything!

  • John Cash

    From day one the question has been asked – What is the alternative? If these were low risk loans the banks would be there in a heart beat. The rates are high because the risk is high. Ban payday loans and we go back to the unregulated, illegal corner loan shark with even higher rates and his knee breaking enforcer. Offer a reasonable, workable alternative and then ban payday loans. To say payday loans are bad for the consumer and then ban them without a mechanism to replace them is not realistic and actually hurting the consumer. Someone please offer a workable alternative.

  • J. Holmes

    I hope the CFPB handles this issue more professionally and proficiently than it has with student loan debt complaints!!!

  • Christian Maynard

    When will the recording be available? Thank you!

    • http://www.consumerfinance.gov CFPB Web Team

      The recording is available now.

  • http://www.badakilawfirm.com Ayodeji Badaki, Esq.

    A very interesting discussion, thanks for posting. In my experience, many of these payday lenders have organized as off-shore entities. What can the CFPB do about such entities who are in violation of consumer protection laws?

  • http://noithatgooccho.com/sp/phong-khach/ thongtaccong

    thank you very useful article. thank you much, I have registered to receive your articles more often

  • http://noithatgooccho.com/sp/phong-khach/ thongtaccong

    thank you very useful article. thank you much

  • JayC

    Thanks for the most wonderful webcast in the entire world. Yeah CFPB! Oh thank you, thank you.

  • JayC

    They wouldn’t post my real comments but anything positive about the CFPB the did. Go figure

  • JayC

    Post office trying to make a profit. They can’t do it with mail. I see big bonuses for post big dogs.

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