The passing of Dodd-Frank Act under the Obama government came as a blow to banking and financial services industry, especially to e-payday loans online in 2010 after the recession. Because of which the compliance burdens were created which made it difficult for the U.S. companies to compete with the foreign counterparts.

The banking and financial services are all set to benefit from the Trump rule. Finally, there is someone from the business side to look at the financial soundness and implications of the decisions on the business world. The unbelievable victory of Trump over Clinton has resulted in the key branches such as legislative and executive under the Republicans. Democrats and Ex-President Obama were not in favor of few regulations which will now be controlled by Republicans.

As is already known that Trump has been relatively quiet on his plans for banking policy, but he has already mentioned he wants Dodd-Frank act should be dismantled. Also, not only the act but much of the financial regulatory structure could be turned upside down, says Justin Schardin, the director of Bipartisan Policy center. Additionally, a lot of that decision also rests on who would be nominated for vacant positions of Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and Treasury Department.

What is financial regulation plan of Republicans?

Republicans already have a blueprint of the financial policy they would want to follow regardless of the Trump nominees. The mentioned blueprint is Financial Choice Act which seeks to undo many major provisions of Dodd-Frank.

The Director of financial regulation studies at Cato Institute, Mark Calabria is certain that Financial Choice Act will come back in next congress. This act was introduced by Representative Jeb Hensarling, who leads House Financial Services Committee. Calabria says that the bill is as is very comprehensive but some points; including community banking relief could likely pass.

A longtime industry representative who asked not to be named feels that the Financial Choice Act would yield significant benefits for banking. Also, he thinks that the largest financial institutions would get relief with the provisions to repeal the Durbin amendment and Volcker rule.

The Consumer Financial Protection Bureau (CFPB) funding and structure is likely to be reformed by Hensarling bill. CFPB is frequently lambasted by Republicans to make it less powerful.

Are these the best odds for community banking relief?

Well, Under the Trump leadership community and regional banks have the best odds of regulatory relief. Some prominent banking position holders think so. According to Paul Merski, the executive vice president at Independent Community Bankers of America, having the same party in control of congress as well as White House predicts that community banking relief will get passed. Also, he thinks that there is a better scenario for legislation to move through entire congress and get signed by president into the law.

The similar sentiment is echoed by Senator Mike Crapo heading the powerful Senate Banking Committee. As he hails from Idaho, a state far away from Wall Street, he is widely expected to back the legislation that would benefit smaller institutions.

Additionally, few Democrats including Senator Sherrod Brown from Ohio who is the ranking member on the Senate Banking Committee have embraced the idea of providing regulatory relief for community banks.

All in all future of the banking sector as well as financial services industry seems brighter. It will help the e-payday loans online to compete with their foreign players fairly without the legislative burdens the current financial policy imposes on them.

There are always groups that want to get rid of things that other people find beneficial or even enjoyable. Back in the days of prohibition, it was the Temperance Movement that fought long and hard to keep people from enjoying an adult beverage from time to time; because they thought they knew what was best for everyone. A couple of decades ago, Al Gore’s wife and a handful of other Washington Wives decided to take the fun out of rock ‘n roll, and tried their hardest to get this form of music regulated or even banned.consumer-financial-protection-bureau-logo
Today we have the Consumer Financial Protection Bureau (CFPB) and other proponents of the Nanny-State, who think they know what is best for lower income, unbanked and other people in this country. They are diligently pushing forward to introduce regulations that would force payday lenders and other providers of short-term, small-dollar loans to jump through hoops and bow down to the federal government in order to stay in business.
On the one side, you have people who love meddling about in other peoples’ business, and on the other you have the people who make a living from this industry, and who champion the idea of a truly free market. Many proponents of the CFPB are predicting nothing short of total annihilation for the payday lending industry. They believe that the regulation that the CFPB recently unveiled will spell the end for short term consumer lending as we know it.
What if they’re right? What would a world without payday loans – or at least a country where they are effectively over-regulated into nothingness – really look like?
Sure, some might be glad to see the local cash advance locations close up shop. They might think the neon signs and advertising is out of hand. They might be glad to see online payday lenders forced to take their advertisements off the Internet. Of course, these are the same folks who will find some other industry to attack next, so there’s that to consider.payday-loans-61
If payday loans are over-regulated to the point of extinction, here’s what will happen:
Thousands of people will lose their jobs/livelihoods. There are real, living, breathing human beings that rely on their paychecks from payday lending companies to keep their families fed and to keep a roof over their heads. If the CFPB and their cronies have their way, these folks will be forced out of their jobs and left pounding the pavement to find a new source of income and benefits.
Poor people, underbanked and unbanked folks will have to go without when they need emergency cash for unexpected expenses. There are literally millions of people who have bad credit, lower incomes and no ability to get loans or lines of credit from other institutions. How will these people – some of the most severely financially at-risk households – get money to fix their cars, pay for their kids’ dental work or even buy groceries to tide them over between paydays?
The federal government will have proven that they can step in and override the sovereignty of state laws in one, fell swoop. There are already laws on the books in various states that govern the payday lending industry; some quite successfully. If the CFPB is able to hand out a mandate from on high, the laws and policies that states have worked hard on – and spent hard-earned tax money on – will be thrown by the wayside. This is something that citizens of every state need to consider very seriously.
So, some folks may be just happy as clams to see an industry that they don’t care for eliminated, there are some very serious repercussions that must be considered prior to allowing the new payday lending rules form the CFPB become a federal law.

415_debt_for_women_5There are times when we could all use emergency money. Whether you need some fast money for bills, expenses, emergency scenarios or just for gas money until you get your next paycheck, you can probably agree that you never know when you might need a bit of extra cash. That’s why cash loans are so popular these days. People know that cash advance lenders actually make it easy to get small to medium sized loans when you need cash for virtually any circumstance life might throw your way.

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Get Your Information Together

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