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ARTICLE · 14 MAY 2013

CFPB Zeroes In On Payday Loans

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During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans.

United StatesFinance and Banking
Foley & Lardner
Foley & Lardner
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During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository institutions to their customers. These are loans that are due to be repaid on the consumer's next payday, or when a significant deposit is expected. On April 24, 2013, the CFPB published a white paper titled "Payday Loans and Deposit Advance Products" containing its findings. CFPB Director Richard Cordray has described the purpose of the CFPB study as being "to help us figure out how to determine the right approach to protect consumers and ensure that they have access to a small loan market that is fair, transparent, and competitive."

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