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Richard Cordray

Payday lenders don't 'fleece the poor'

The Consumer Finance Protection Bureau's restrictive short-term lending proposals threaten millions of Americans' access to affordable, transparent credit services and fail to consider the perspective of consumers as well ("Fleecing the poor," June 2).

CFPB Director Richard Cordray said the bureau has "talked at length" with many stakeholders, from consumer groups and lenders to academics and faith leaders — but, surprisingly, not with payday loan customers.

Payday loans account for less than 2 percent of complaints to the CFPB, and recent research...