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From the President: Bank payday rules show what can be done with strong regulatory leaders—and we need them at CFPB and FHFA

Written by Dory Rand on May 16, 2013 - 2:16pm
Dory Rand

 

Last month fair lending advocates cheered when the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed new guidance that would require banks under their supervision that offer bank payday or deposit advance products to comply with traditional safe and sound lending practices such as lending only after conducting proper underwriting and considering the borrower's ability to repay the loan.

Nomination of Mel Watt to FHFA is welcome news

A replacement for Ed DeMarco, the current acting director of the FHFA, is long overdue. DeMarco has obstructed necessary policy changes that would have lessened the negative impact of the foreclosure crisis on families and communities alike. Specifically, he has barred Fannie Mae and Freddie Mac from allowing lenders to reduce principal on underwater loans, even in situations where it would prevent foreclosure.

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