Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and the CFPB Consumer Advisory Board will hold a public meeting in the Mississippi Delta on September 18 to discuss innovative strategies for improving consumer access to credit, information, and financial resources. The CFPB officials will also seek to gain insight into the financial challenges facing area residents, and what measures might be needed to safeguard against abusive and deceptive practices.
Following the financial Crisis, Congress established the CFBP to protect consumers by carrying out federal consumer financial laws. A recent report by the Center for Responsible Lending found that excessive payday loan fees cost American families at least $2.6 billion every year. According to the Mississippi Economic Policy Center, the rates Mississippians pay for small dollar loans are among the highest in the Southeast. Also, the percentage of unbanked and underbanked residents in the state is among the highest in the county.
The CFPB’s Consumer Advisory Board is comprised of experts that provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends. The Board, along with Director Richard Cordray and senior CFPB staff, will listen to community leaders, industry representatives, and members of the public.
Bill Bynum, CEO of the Mississippi-based Hope Credit Union serves as Vice Chairman of the Consumer Advisory Board. “It is significant that Director Cordray chose to hold this meeting in Mississippi. The financial environment in the Mid South is unique, particularly with regard to the challenges that confront our rural, elderly, low-income and minority residents,” said Bynum.
The meeting will take place on Wednesday, September 18 from 11:00 a.m. until 1:00 p.m. CST at Mississippi Valley State University (Social Science Building Auditorium), 1400 Highway 82 West, Itta Bena, MS 38941.
This meeting is open to the public and requires an RSVP. To RSVP, email your full name and your organizational affiliation (if any) to [email protected].
Review the CRL report on payday lending abuses and predatory practices.
Read the CFPB public event invitation.
Share the CFPB public event flyer.
See the full CFPB visit agenda.