As customer team proposes loan that is payday, advocates weigh in The customer Financial Protection Bureau held a hearing Thursday in Kansas City to talk about the cash advance industry, and bureau manager Richard Cordray announced proposed reforms built to protect customers from loans he said become “debt traps.” While Cordray’s agency does not have the authority to ascertain usury caps on these loans, he stated it offers authority “to clean up unjust, misleading, or abusive methods.” “Something has to change,” Cordray stated. He stated that in the past few years their company has held industry hearings and general public discussion boards across the U.S. about payday financing. Pay day loans are payday loans in Lowell MA no bank account short-term improvements, typically for $500 or less, in
