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

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

Bill Isaac had been president associated with the FDIC from 1981 through 1985, a tumultous time for 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 beneath the CFPB’s proposed guidelines. That is very good news for unlawful loan sharks…..but not so excellent for the people searching for crisis loans…….

CFPB Payday Arrange Will Harm Those It Seeks to greatly help

Reading the customer Financial Protection Bureau’s proposed guidelines for managing payday loans, i really couldn’t assist but remember the belated Yogi Berra’s line, “It’s like déjà vu yet again,” alongside the oath that is hippocratic“First, do no harm”).Continue reading