Bill Isaac had been president associated with the FDIC from 1981 through 1985, a tumultous time for the U.S. bank system. Their вЂњtakeвЂќ regarding the CFPBвЂ™s proposed payday financing regs is interesting (see American Banker piece below). The high-cost advance loan company will perish beneath the CFPBвЂ™s proposed guidelines. This might be great news for unlawful loan sharksвЂ¦..but not brilliant when it comes to people searching for crisis payday loans california loansвЂ¦вЂ¦.
CFPB Payday Arrange Will Harm Those It Seeks to aid
Reading the customer Financial Protection BureauвЂ™s proposed rules for managing payday loans, i possibly couldnвЂ™t assist but remember the belated 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 regarding the Comptroller associated with the Currency issued guidelines regulating non-collateralized, вЂњadvance depositвЂќ loans вЂ“ a bank product which bore considerable resemblance to nonbank pay day loans. Every significant bank that offered the product decided to pull it from the market within days of the OCCвЂ™s promulgating its rules. Read more