Yuka Hayashi

speaker

247 appearances 9 recordings 1 series first heard Jul 2019 last heard Aug 2020

Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Payday Loans Get a Bit Easier to Obtain · 9 Jul 2020 podcast

So they're going to re-borrow the loans and interest rates start piling up.

It sort of becomes like a bad cycle where people have a hard time getting out of.

Payday lenders say that there is definitely need for these short-term loans.

A lot of consumers do not have access to conventional credit cards and other types of loans because they sometimes do not have credit history or have impaired credit history.

So there's definitely demand for these types of loans.

So the CFPB for years had been trying to introduce a broad rule to regulate this sector, which has up until now been regulated by states.

So under the Obama administration, the agency wrote this very comprehensive rule that was opposed very strongly by the payday lender industry.

But since the Trump administration came in, they put the rule on hold.

and started working on a new version.

And essentially, this new version came out.

And this new version is missing the key element of the previous rule that would have made it very difficult for payday lenders to extend these super high interest loans repeatedly to the same customers.

For consumers, things are going to remain pretty much the same.

So these loans are available in states where these lenders are allowed to operate in.

Banks and credit unions actually welcome the new rule.

Some of the banks have been interested in entering this consumer finance market, but they've always felt that there wasn't clear guidance from regulators on how they could do this.

And prior to the CFPB's new rule, other banking regulators, including the Federal Reserve and the FDIC, recently came out with a new joint guidance of their own that was also welcomed by banks.

So with the new step by the CFPB, the banks and credit unions have more clarity on what they can and they cannot do in this space.

So consumer groups oppose the latest action very strongly.

And also Democrats, who have been very critical of industry for many years, came out very strongly.

to criticize the CFPB's action.

Showing 41–60 of 247 · page 3 of 13