Payday loans worry consumers, regulators and lawmakers alike

The US head of consumer protection struggled as lawmakers and citizens barraged him with questions about dangerous loans

Payday lending: the loans with a grip on America
Operation Choke Point: the stop-and-frisk of finance

It seems that Richard Cordray, the director of Consumer Financial Protection Bureau, CFPB, just couldn’t catch a break this week.

As he’s been trying to get people talking about mobile banking technology, his speeches have been overrun by feisty debates and challenges on the issue of payday loans.

It’s well worth the additional time in order to make sure that what we do won’t be made a mockery of by the people circumventing [the rules] just by transforming their product slightly."

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