E-Commerce Times Article Cites Jonathan R. Kolodziej’s Commentary on the CFPB’s Proposed Reforms to the Payday Loan Industry

Jonathan R. Kolodziej was quoted in an E-Commerce Times article entitled “CFPB May Rein In Payday Lending.” The article examines the CFPB’s recent focus on “the short-term, high-rate debt consumers take on,” and details the possible actions the bureau is considering in order to preserve these necessary loans and prevent reckless lending practices.

Kolodziej, who attended a field hearing held by the CFPB in January in Birmingham, Alabama, reported that "Director Cordray emphasized the need for protections designed to help consumers and ensure a fair and competitive market for these products.” He added, “The challenge they face is figuring out a way to enact regulations that prevent irresponsible lending," he said, "while also ensuring that these products remain available to consumers who need short-term loans and actually have a substantial likelihood of being able to repay them.”

Read the complete E-Commerce Times article, “CFPB May Rein In Payday Lending.”