CFPB Field Hearing on Payday Lending Prepared Remarks of Michael D. Calhoun
CRL president Mike Calhoun delivered the following testimony at the Consumer Financial Protection Bureau field hearing on payday loans in Richmond, VA on March 26, 2015. Opening Remarks Thank you for the opportunity to participate on today's panel. This is a critical hearing for the millions of working families who are snared in the debt trap of unaffordable loans. The history of the regulation of payday lending takes us to the states. Payday loans were legalized only in relatively recent years and only in some states, as the result of payday lenders' pushing for an exception to a state's