Congressional Hearing: Regulating Payday and Small-Dollar Loans
January 1, 2020
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The Frame
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.
Potentially affected actors named in the source documents. Mention is not a position.
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.
Last recorded activity January 1, 2020.
Next step not available in the current record.
Summary
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.
- 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?
Why It Matters
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.
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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
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