WASHINGTON — Lawmakers examined concerns about alternative lending products such as payday loans on Wednesday, though consensus on what, if any, changes are needed to the industry remains elusive.

The Senate Banking subcommittee hearing came on the heels of a new study released by the Consumer Financial Protection Bureau this week that provides a fresh look at how consumers use payday loans and the pitfalls they may face. The agency said it is getting close to releasing new regulations for the industry, which has been previously been subject to state rules.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.