Category Archives: Small Payday Loans Near Me

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

Bill Isaac ended up being president associated with FDIC from 1981 through 1985, a time that is tumultous the U.S. bank 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. That is great news for illegal loan sharks…..but not so great for the people searching for crisis loans…….

CFPB Payday Arrange Will Harm Those It Seeks to simply help

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

2 yrs ago, any office of the Comptroller associated with Currency issued guidelines governing non-collateralized, “advance deposit” loans – a bank product which bore considerable resemblance to nonbank payday advances. Within times of the OCC’s promulgating its guidelines, every significant bank that offered the item made a decision to pull it through the market. Continue reading