Tale of Two Documents

The Consumer Financial Protection Bureau (CFPB) today issued a Press Release and a Report entitled Online Payday Loan Payments. The targets for this study were Payday Lenders and the fees banks charge consumers for overdraft and NSF fees. 

I'm sure that there is a problem with payday lending and how they attempt to collect payments which result in excessive overdraft and NSF fees from consumer accounts.   I'm also sure that all factors were not thoroughly considered after reading this entire report.

While the actual report contains several disclaimers regarding their findings and contains no conclusions, the Press Release contains none of these disclaimers.  The CFPB states at the end of the Press Release that they will "issue a proposed rule later this spring". 

I fear that they will publish another solution looking for a problem.

I'll let each of you decide for yourself what is going on here.

@AssistYourBank