Blog

Bill Isaac’s United States Banker Article re: Payday Lending. CFPB Payday Arrange Will Harm Those It Seeks to aid

Bill Isaac’s United States Banker Article re: Payday Lending. CFPB Payday Arrange Will Harm Those It Seeks to aid

Bill Isaac had been president for the FDIC from 1981 through 1985, a time that is tumultous the U.S. bank operating system. Their “take” in the CFPB’s proposed payday financing regs is interesting (see American Banker piece below). The cash that is high-cost company will perish underneath the CFPB’s proposed guidelines. This might be great news for unlawful loan sharks…..but perhaps not so great for the people searching for emergency loans…….

CFPB Payday Arrange Will Harm Those It Seeks to aid

Reading the customer Financial Protection Bureau’s proposed guidelines for managing payday loans, i really couldn’t assist but remember the late Yogi Berra’s line, “It’s like déjà vu yet again,” alongside the Hippocratic Oath (“First, do no harm”).

2 yrs ago, any office for the Comptroller of this Currency issued guidelines governing non-collateralized, “advance deposit” loans – a bank product which bore considerable resemblance to nonbank pay day loans. (više…)

loading
hrCroatian
en_USEnglish hrCroatian