CFPB Adds Payday Loans To Consumer Complaint Database

Law360, New York (November 6, 2013, 1:51 PM EST) -- The Consumer Financial Protection Bureau on Wednesday said that consumers would be able to file problems related to payday loans in the bureau's already expansive complaint database.

Congress gave the CFPB authority to regulate payday loans in the Dodd-Frank Act, and the bureau has since done a detailed study for the short-term, high-interest rate loans which could be a precursor to rulemaking. With the addition of payday loans to the bureau's existing complaint database, the CFPB will have even more information about the much-criticized financial products....
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