Consumer Bureau Details Plan For Probing Payday Loans

Law360, New York (January 20, 2012, 8:46 PM EST) -- The Consumer Financial Protection Bureau on Thursday released a plan for policing so-called payday loans, revealing that the agency will regulate these short-term lenders in part by ensuring the incentives they give to their employees don't actually harm consumers.

The CFPB's new examination procedures for short-term lenders came the same day it held its first public hearing on payday loans in Birmingham, Ala., which has one of the biggest concentrations of payday lenders in the country, according to the agency.

“Many consumers turn to payday loans...
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