Posted on20 January 2012.
CFPB Director Richard Cordray speaks on payday loans at yesterday’s field hearing in Birmingham, Alabama.
Cordray should know better than to describe payday advances as “high-cost” loans. There is a big difference between “high-APR” and “high-cost” and he should know that. Someone who is able to cope with an emergency situation with the help of a $100 payday loan which costs him $15 does not feel like he has been ripped off; he is very grateful that the service exists. If Cordray wants to stand up for the rights of consumers then the first thing he should do is try to convince states which don’t allow their citizens to take out payday loans to let them do so. That would honor the memory of Dr. Martin Luther King, who stood for freedom.
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