CBA's Pommerehn: Regulators could lead consumers to payday loans

04/29/2013 | Hill, The

Bank regulators' guidance restricting deposit-advance loans could discourage banks from offering the products, which could propel consumers toward payday loans that come with higher rates and less disclosure, says CBA's David Pommerehn, counsel for legislative and regulatory affairs. "We want to caution federal regulators not jump too soon into anything that could make it too difficult to meet the need for short-term, small-dollar liquidity," he said.

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Hill, The

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