“We didn’t make careless loans…”
March 10, 2010 | federal legislation, industry | Comments (1)We excerpted a quote from a Congress Daily story today about the CFPA and our efforts to stop the bill. The service is subscription so we can’t post the whole article, but the essence is that the banks and credit unions are being critical of us. CFSA’s Steven Schlein hits back:
“We didn’t make careless loans that led to the economic crisis; they did. And we’re highly regulated by states; they’re not. And our loans are highly transparent; theirs are not,” said Steven Schlein, a spokesman for CFSA.
Comments»
We certainly aren’t to blame, but I don’t believe that will stop banks from using our industry as a media diversion/scapegoat while simultaneously attempting to regulate us out-of-business (i.e. 36% APR!) in hopes of gaining back SOME of their perspective billion dollar NSF losses in the up-coming year.
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