The civic record
Read. Follow. Verify.Congressional Hearing: Regulating Payday and Small-Dollar Loans
Record date · January 1, 2020
Track this bill to get notified when it advances a stage. One tap to stop, anytime.
What This Bill Does
This document is the transcript record of a 2019 House subcommittee hearing focused on the impact of payday and small-dollar lending practices on consumers. Lawmakers and expert witnesses discussed the potential for these financial products to create 's' and explored regulatory approaches to consumer protection.
The hearing serves as a formal record of legislative inquiry into the payday lending industry, which directly influences the development of federal consumer protection laws and lending standards that affect the cost and availability of short-term credit for millions of Americans.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Payday loan consumers
These individuals are subject to the interest rates, repayment terms, and debt cycles associated with small-dollar credit products.
Financial institutions
Lenders in the small-dollar credit market are subject to the regulatory oversight and legislative scrutiny discussed during the hearing.
Key Facts
- The hearing was held on April 30, 2019, by the Subcommittee on Consumer Protection and Financial Institutions.
- The primary subject was the 'debt trap' potential of payday and small-dollar credit products.
- Eight expert witnesses provided testimony, including representatives from religious organizations, academia, financial institutions, and policy think tanks.
- The hearing included the submission of written statements from Senator Richard J. Durbin, the Maryland Consumer Rights Coalition, and The Pew Charitable Trusts.
Show all 5 facts
- The proceedings were conducted under the 116th Congress, Serial No. 116-20.
Frequently Asked Questions
What is the purpose of this hearing?
Who testified at this hearing?
What else do you want to know?
News Coverage
Follow the record
Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Small-Dollar Credit
The hearing highlights a concerted effort by the 116th Congress to scrutinize the intersection of high-interest lending and consumer financial vulnerability.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy60Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
Publisher tools