The Consumer Financial Protection Bureau (CFPB) is researching and considering whether rulemaking is warranted in the areas of payday and deposit advance products, as well as consumer overdraft products.
The CFPB held a field hearing in March 2014 in Nashville, Tennessee, and also released a report that analyzed payday lending and found that four out of five payday loans are rolled over or renewed within 14 days.
The CFPB also expecting to build on an Advance Notice of Proposed Rulemaking that it published in 2012 concerning prepaid cards by issuing a proposed rule to strengthen federal consumer protections for these products. The CFPB has been testing potential disclosures that it may propose to be used on the packaging of prepaid cards.
