Field hearing on payday lending in Richmond, VA

CFPB Director Richard Cordray announced that the CFPB is considering proposing rules that would end payday debt traps by requiring lenders to take steps to make sure consumers can repay their loans. The proposals under consideration would also restrict lenders from attempting to collect payments from consumers’ bank accounts in ways that tend to rack up excessive fees. The strong consumer protections being considered would apply to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-ended loans.

The proposals under consideration provide two different approaches to eliminating debt traps: prevention and protection. Under the prevention requirements, lenders would have to determine at the outset of each loan that the consumer is not taking on unaffordable debt. Under the protection requirements, lenders would have to comply with various restrictions designed to ensure that consumers can affordably repay their debt. Lenders could choose which set of requirements to follow.

Richmond, VA

Greater Richmond Convention Center 403 N. Third St. Grand Ballroom BC Level 2 Richmond, VA


The CFPB is considering proposed rules to require payday lenders to take steps to make sure borrowers could afford to pay back their loans in order to eliminate debt traps


Time Agenda Location Speakers
Opening Remarks Zixta Martinez, Associate Director of External Affairs, Consumer Financial Protection
Remarks by Virginia Officials Mark Herring, Attorney General of Virginia ; Joe Face, Commissioner, Virginia Bureau of Financial Institutions
Remarks by CFPB Director Richard Cordray
Panelist Remarks and Discussion Mike Calhoun, President, Center for Responsible Lending; Edward D'Alessio, Executive Director, Financial Service Centers of America (FiSCA); D. Lynn DeVault, Board Member, Check into Cash, Board Member, Community Financial Services Association of America (CFSA); Paulina Gonzalez, Executive Director, California Reinvestment Coalition; Wade Henderson, President & CEO, Leadership Conference on Civil and Human Rights; Stan Leicester, Senior Vice President, Chief Financial Officer, BayPort Credit Union; Lisa McGreevy, President & CEO, Online Lenders Alliance ; Dana Wiggins, Director of Outreach and Financial Advocacy, Virginia Poverty Law Center