Bill Isaac had been president associated with the FDIC from 1981 through 1985, a tumultous time for the U.S. bank system. Their вЂњtakeвЂќ in the CFPBвЂ™s proposed payday financing regs is interesting (see American Banker piece below). The cash that is high-cost company will perish beneath the CFPBвЂ™s proposed guidelines. That is very good news for unlawful loan sharksвЂ¦..but not so excellent for the people searching for crisis loansвЂ¦вЂ¦.
CFPB Payday Arrange Will Harm Those It Seeks to greatly help
Reading the customer Financial Protection BureauвЂ™s proposed guidelines for managing payday loans, i really couldnвЂ™t assist but remember the belated Yogi BerraвЂ™s line, вЂњItвЂ™s like dГ©jГ vu yet again,вЂќ alongside the oath that is hippocraticвЂњFirst, do no harmвЂќ).Continue reading