Bill Isaac ended up being president for the FDIC from 1981 through 1985, a tumultous time for the U.S. bank operating system. His вЂњtakeвЂќ from the CFPBвЂ™s proposed payday financing regs is interesting (see American Banker piece below). The cost that is high advance company will perish underneath the CFPBвЂ™s proposed guidelines. This might be great news for illegal loan sharksвЂ¦..but perhaps not so excellent for the people searching for crisis loansвЂ¦вЂ¦.
Reading the buyer Financial Protection BureauвЂ™s proposed guidelines for managing payday loans, i possibly couldnвЂ™t assist but recall the belated Yogi BerraвЂ™s line, вЂњItвЂ™s like dГ©jГ vu once again,вЂќ alongside the oath that is hippocraticвЂњFirst, do no harmвЂќ). 2 yrs ago, any office of the Comptroller regarding the Currency issued rules governing non collateralized, вЂњadvance depositвЂќ loans a bank product which bore considerable resemblance to nonbank pay day loans. Continue reading “The high expense money advance business will die underneath the CFPBвЂ™s proposed guidelines.”