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Let me make it clear about Remarks by Richard Cordray in the Payday Loan Field Hearing in Birmingham

Many thanks, Congresswoman Sewell and U.S. Attorney Vance for joining us today. We have been in Birmingham to put up our first industry hearing on payday financing.

Dr. Martin Luther King, Jr. as soon as stated, “The dignity of this person will thrive if the decisions concerning their life have been in their hands that are own as he gets the methods to look for self-improvement.”

During the customer Financial Protection Bureau, we deeply rely on empowering individuals to enable them to make informed financial choices and simply just just take duty for many choices.

I will take a few minutes to discuss the payday lending market and our role in overseeing it before we open this hearing. I want to stress once again that this really is a field hearing. We arrived right here to pay attention, to master, and also to gather info on the floor that can help notify our method of these problems. Our company is thinking difficult about these presssing dilemmas, and now we would not have most of the answers resolved in the slightest. Continue reading