Today thank you, Congresswoman Sewell and U.S. Attorney Vance for joining us. We have been in Birmingham to put up our very first industry hearing on payday lending.
Dr. Martin Luther King, Jr. when stated, вЂњThe dignity of this person will grow if the choices concerning their life have been in their hands that are own as he has got the way to look for self-improvement.вЂќ
In the customer Financial Protection Bureau, we profoundly have confidence in empowering individuals to enable them to make informed economic choices and simply simply take duty for anyone choices.
I will take a few minutes to discuss the payday lending market and our role in overseeing it before we open this hearing. Allow me to stress once again that this is certainly a industry hearing. We arrived right right here to pay attention, to understand, and also to gather home elevators the bottom that will assist notify our way of these problems. We’re thinking difficult about these dilemmas, therefore we don’t have most of the answers resolved by any means.
Pay day loans are short-term, high-cost loans built in trade for a consignment to payment through the person’s next paycheck. Relating to reports through the industry, about 19 million households that are american presently deciding to borrow cash through payday advances.
Payday financing once we understand it offers grown quickly since the 1990s.