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Wednesday, July 24, 2013

CFPB Testifies on Payday Loans and Depsoit Advance Products

David M. Silberman, Associate Director for Research, Markets, and Regulation at the Consumer Financial Protection Bureau, testified today before the Senate Special Committee on Aging regarding payday loans and deposit advance products. Silberman stated that too often consumers, who use these products, are getting caught in an extended and costly period of debt, likely as a result of chronic cash flow shortages. Silberman noted that the CFPB will continue to study the small dollar loan product market and will consider how best to exercise its authorities to protect consumers while protecting access to affordable credit.

Read the testimony.

2 comments:

sheila olson said...
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aleena rose said...
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