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CFPB Convenes Field Hearing in Birmingham, Alabama on Payday Lending

WASHINGTON, D.C. – On Thursday, January 19, 2012, the Consumer Financial Protection Bureau (CFPB) will convene the agency’s first field hearing in Birmingham, Ala. to discuss payday lending products. Alabama is a state with one of the highest number of payday lenders per capita in the country.

Last week, under the new leadership of Director Richard Cordray, the CFPB launched the nation’s first federal nonbank supervision program with the authority to oversee payday lenders of all sizes. This field hearing – which will include testimony from consumer and civil rights groups, industry representatives, and members of the public – will provide the CFPB with on-the-ground insight into the payday lending market.

When

Thursday, January 19, 2012

12:00 p.m. CST/ 1:00 p.m. EST

Where

*New location

Birmingham-Jefferson Convention Complex

East Ballroom A

2100 Richard Arrington Jr. Blvd. North

Birmingham, AL 35203

Schedule

12:00 p.m.

Opening Remarks

  • Joyce White Vance, U.S. Attorney
  • U.S. Representative Terri Sewell
  • Richard Cordray, Director of the CFPB

12:20 p.m.

Expert Testimony

  • CFPB Staff Participants
  • Raj Date, Deputy Director of the CFPB (Chair)
  • Patrice Ficklin, Assistant Director for the Office of Fair Lending and Equal Opportunity
  • Gail Hillebrand, Associate Director for Consumer Education & Engagement
  • Peggy Twohig, Assistant Director for the Office of Nonbank Supervision

12:20 p.m.

Panel 1: Consumer Experience with Payday Loans

  • Shay Farley, Legal Director, Alabama Appleseed
  • Marcella Roberts, CEO, Building Alabama Reinvestment
  • Stephen Stetson, Policy Analyst, Alabama Arise
  • Shirley Worthington, VP of Community Initiatives, United Way of Central Alabama

1:00 p.m.

Panel 2: Industry Perspective on Payday Loans

  • Kim Gardner, Cash USA
  • Daryl McMinn, Chief Operations Officer, Listerhill Credit Union
  • John Owen, Senior Executive Vice President, Head of Consumer Bank, Regions Financial Corp.
  • Ted Saunders, CEO, Community Choice Financial, Inc.

1:40 p.m.

Public Testimony

Media Notes

This event is open to the media and all members of the media must RSVP to attend by contacting Mallory McLean at mallory.mclean@cfpb.gov by 6:00 p.m. (EST) Wednesday, January 18, 2012.