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.