Federal Government Takes Positive Step in Protecting Consumers, MU Payday Lending Expert Says

by 19 Nov 2010

Brenda Procter, a payday lending expert from the University of Missouri, says that while payday lending has become a serious concern across the country, the creation of the Consumer Financial Protection Board shows that the federal government is taking action to help fix the issue.

COLUMBIA, Mo.

This week, the U.S. Treasury Department announced the hiring of key leaders for the newly formed Consumer Financial Protection Bureau (CFPB) implementation team. 

The CFPB was created to help regulate depository institutions like banks and non-depository institutions, such as payday lenders. Brenda Procter, a payday lending expert from the University of Missouri, says that while payday lending has become a serious concern across the country, the creation of the CFPB shows that the federal government is taking action to help fix the issue.

Procter met this week with Elizabeth Warren, assistant to the President and special advisor to the Secretary of the Treasury, to discuss ways to help address the problem. More payday loan storefronts are in this country than McDonald?s and Starbucks combined, said Procter, who is an MU Extension specialist in the Personal Financial planning department in the College of Human Environmental Sciences.

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