AILA Members and Friends:
Above is a link to a press release containing a joint agency statement. I just find it so interesting and ironic [and frankly infuriating] that the federal agencies that once attacked banks and credit unions for their “short term” lending are just now waking up to the reality of the needs and preferences of America’s consumers. We have always said that traditional installment lenders offer the best and safest financial products to our customers. And, there is a very real difference between traditional installment loans on the one hand, and payday/title loans on the other.
I do hope you enjoy a nice Memorial Day Weekend. Always remember that Memorial Day is our time as Americans for honoring the men and women who died while serving in the U.S. military. We live free today because of the sacrifice of so many who came before us.
https://www.fdic.gov/news/news/press/2020/pr20061.html
Maury
