compucredit payday loans

Payday Lenders Offer Big Upside, Despite Regulatory Hurdles

The appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau has caused concern among investors in the payday loan sector. My analysis of the legal and regulatory landscape, however, suggests that there is nothing for payday investors to be concerned about. Indeed, the industry has begun another growth cycle and virtually every stock is undervalued with significant upside remaining.

Regarding Mr. Cordray, there are certain things he should do. This includes codifying the Community Financial Services Association's Best Practices into federal regulation. This set of guidelines must be followed by any company that wishes to be a member of CFSA, and it includes all public companies. These same practices are essentially equivalent to state statutes that already are in existence by which all responsible payday lenders must comply. With these practices as federal standards, it will chase out the bad apples that exist in the marketplace. In turn, the good players will then move into vacuum created by those who have exited. That is exactly the kind of protections that are useful to consumers that do not restrict their access to credit, nor are unfair to payday lenders.

Beyond this, I would suggest that Mr. Cordray step lightly. There is no need to overreach because, as already mentioned, the states are governing the product just fine. States that have banned these loans have seen consumers suffer , as well as seen people lose their jobs, and the economy suffer . One thing which did not get mentioned much at the field hearing in Alabama is that when payday loans are taken away from the consumer, they are forced into getting that credit somewhere else since demand does not just vanish. That other choice is almost always writing a bad check, which results in bounced check and merchant fees that are vastly in excess of a payday loan fee.

As to my reading of the Dodd-Frank bill, there are numerous portions that make it quite clear what the Bureau can and can't do.

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