The Consumer Financial Protection Bureau and Payday Lending Examinations

    View Author May 2012
    The Consumer Financial Protection Bureau (CFPB), created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has made payday lending a regulatory priority for 2012. In January the CFPB officially began the examination of the payday lending industry by hosting a field hearing in Birmingham, Alabama. The agency then started its examinations of payday lenders and their affiliates earlier this spring, with formal investigations and enforcement proceedings likely to follow.

    This publication is a brief discussion of the challenges payday lenders may face under such heightened scrutiny by the CFPB and steps to take in anticipation of an examination.