We received an email from one of our readers, reporting on a recent meeting between CFPB Director Cordray and representatives of the South Dakota banking and credit union industries. We very much appreciate the report and encourage other readers to share their observations with us. Topics addressed in the meeting included the impact of consumer regulation on small banks and the ability to provide financial products and services; competition between community banks and credit unions and large banks; regulatory uncertainty regarding new products; the need for payday loans or payday loan alternatives; and preparations for going after payday lenders (presumably only lenders deemed to be in violation of UDAAP or other laws). For the full report (with identifying information deleted), click below:
Continue Reading  Reader of CFPB Monitor reports on April 13 Richard Cordray Q&A with SD community bankers and credit unions