Bill Isaac ended up being president for the FDIC from 1981 through 1985, a tumultous time for the U.S. bank operating system. His “take” from the CFPB’s proposed payday financing regs is interesting (see American Banker piece below). The cost that is high advance company will perish underneath the CFPB’s proposed guidelines. This might be great news for illegal loan sharks…..but perhaps not so excellent for the people searching for crisis loans…….
Reading the buyer Financial Protection Bureau’s proposed guidelines for managing payday loans, i possibly couldn’t assist but recall the belated Yogi Berra’s line, “It’s like déjà vu once again,” alongside the oath that is hippocratic“First, do no harm”). 2 yrs ago, any office of the Comptroller regarding the Currency issued rules governing non collateralized, “advance deposit” loans a bank product which bore considerable resemblance to nonbank pay day loans. Continuar lendo The high expense money advance business will die underneath the CFPB’s proposed guidelines.