Bill Isaac had been president for the FDIC from 1981 through 1985, a time that is tumultous the U.S. bank operating system. Their вЂњtakeвЂќ in the CFPBвЂ™s proposed payday financing regs is interesting (see American Banker piece below). The cash that is high-cost company will perish underneath the CFPBвЂ™s proposed guidelines. This might be great news for unlawful loan sharksвЂ¦..but perhaps not so great for the people searching for emergency loansвЂ¦вЂ¦.
CFPB Payday Arrange Will Harm Those It Seeks to aid
Reading the customer Financial Protection BureauвЂ™s proposed guidelines for managing payday loans, i really couldnвЂ™t assist but remember the late Yogi BerraвЂ™s line, вЂњItвЂ™s like dГ©jГ vu yet again,вЂќ alongside the Hippocratic Oath (вЂњFirst, do no harmвЂќ).
2 yrs ago, any office for the Comptroller of this Currency issued guidelines governing non-collateralized, вЂњadvance depositвЂќ loans вЂ“ a bank product which bore considerable resemblance to nonbank pay day loans. (više…)