CFPB Announces Study of Payday Loan Disclosures to Design Template Disclosure

On November 5, the CFPB submitted a Paperwork Reduction Act (PRA) notice to the Federal Register, seeking comment on the CFPB’s plan to study how consumers locate, comprehend and use information in payday loan disclosures. The CFPB intends to use the data it obtains from its study to evaluate and refine potential options for a CFPB-designed payday loan disclosure that presents key information clearly and effectively to consumers.