Kevin Wack, with American Banker, wrote an interesting piece regarding state bank regulator uneasiness with the Fed’s interference in the payday loan industry.
Kevin quotes Margaret Liu, senior vice president at the Conference of State Bank Supervisors: “It is one thing to be ensuring that a business partner, the client of a bank, is operating legally,” she said. But a line is crossed when a payday lender “is being denied banking services because of concern about a federal agency advancing its own policy agenda, beyond appropriate supervisory responsibilities.”
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