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Director Cordray confirms 2014 focus on payday and other small-dollar loans

Posted in Payday Lending

According to a report by Kim Chipman and Carter Dougherty of Bloomberg, in a Q&A with state attorneys general that followed a speech today in Washington, D.C. to the National Association of Attorneys General, Director Cordray said that issues relating to payday and title loans and other small-dollar lending products will be “very much on the [CFPB's] plate” in 2014.  Director Cordray is also reported to have said that scrutiny of such products “could easily be expanded to things like pawnbroking and overdrafts.”