[Federal Register Volume 77, Number 56 (Thursday, March 22, 2012)]
[Notices]
[Page 16817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6851]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2012-0009]


Request for Comment on Payday Lending Hearing Transcript

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice; request for comment.

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SUMMARY: On January 19, 2012, the Bureau of Consumer Financial 
Protection (Bureau) held a field hearing on payday lending. The Bureau 
invites the public to review the transcript and provide additional 
feedback on the issues raised in it.

DATES: Comments must be received by April 23, 2012.

ADDRESSES: You may submit comments, identified by docket number CFPB-
2012-0009, by any of the following methods.
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail or hand delivery/courier: Monica Jackson, Consumer 
Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552.
    In general, all comments received will posted without change to 
www.regulations.gov. In addition, comments will be available for public 
inspection and copying at 1700 G Street NW., Washington, DC 20552, on 
official business days between the hours of 10 a.m. and 5 p.m. Eastern 
Time. You can make an appointment to inspect the documents by 
telephoning (202) 435-7275. All comments, including attachments and 
other supporting materials, will become part of the public record and 
subject to public disclosure. Sensitive personal information, such as 
account numbers or social security numbers, should not be included. 
Comments will not be edited to remove any identifying or contact 
information.

FOR FURTHER INFORMATION CONTACT: For further information, please 
contact Monica Jackson, Office of the Executive Secretary, by telephone 
at (202) 435-7275 or by email at [email protected].

SUPPLEMENTARY INFORMATION: The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act) vested the Bureau of Consumer 
Financial Protection (Bureau) with supervisory and rulemaking authority 
over nonbank covered persons that offer or provide payday loans to 
consumers. In an effort to listen, learn, and gather information on the 
ground that will to help the Bureau better understand this market, the 
Bureau held a public field hearing on short-term, small-dollar loans, 
such as payday loans and bank ``deposit advances'' on January 19, 2012 
in Birmingham, Alabama.
    Payday lending products are typically marketed to bridge a cash 
flow shortage between pay or benefits checks. They generally have three 
features: The loans are small dollar amounts; borrowers must repay the 
loan quickly; and they require that a borrower give lenders access to 
repayment through a claim on the borrower's deposit account. The Bureau 
held the Birmingham field hearing to gather information and input from 
experts and the public on the payday-lending market to help determine 
the right approach to protect consumers and ensure that they have 
access to a small-loan market that is fair, transparent, and 
competitive. A number of questions were raised on which the Bureau is 
interested in gathering additional public feedback. For example, does 
the impact of payday loans and deposit-advance products vary by the 
type of consumer? Who is helped and who is harmed by deposit-advance 
and payday products? Does the answer vary depending on whether the 
product is provided by a storefront, a bank, or online? How are small-
dollar loans and products marketed?
    The transcript of the hearing has been posted on the Bureau's Web 
site at http://consumerfinance.gov. The Bureau invites the public to 
review the transcript and submit additional comment on the subjects 
discussed at the hearing.

    Dated: March 13, 2012.
Meredith Fuchs,
Chief of Staff, Bureau of Consumer Financial Protection.
[FR Doc. 2012-6851 Filed 3-21-12; 8:45 am]
BILLING CODE 4810-AM-P