Federal regulators set sights on Tennessee's payday lending industry

photo CFPB Director Richard Corday

REGULATORS SET SIGHTS ON TENNESSEEWhat: Field hearing on payday lendingWhere: Country Music Hall of Fame, NashvilleWhen: 11 a.m. central time

WHAT IS A PAYDAY LOAN?• Payday loans were developed to provide small loans to consumers to meet a short-term need.• Consumers who take out these loans are usually required to repay them from their next paycheck.• According to reports from industry analysts, about 12 million American adults are currently choosing to borrow money through payday loans.• Such loans, which are not secured through a car or a home like normal loans, often carry annual percentage rates approaching 400 percent.WHO'S