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Payroll_Cash
payroll expenditure or revenue account, profit or loss
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On state regulators investigating payroll advance companies and whether they're violating payday lending laws:

"Why would anyone choose to pay a tip to get their own money . . . I'm glad states are looking into this. Sounds like a payday loan in disguise to me. Or a wolf in sheep's clothing."

Related: State regulators scrutinize payroll advance firms
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On the GOP keeping a distance from the cannabis banking debate amid the 2020 presidential campaigns:

"Disappointing but not surprising — congresspersons putting themselves and their re-election ahead of considering the appropriate guardrails to provide a safe and sound way for legal businesses to enter the financial system."

Related: Why Senate Republicans are sitting out pot banking fight
Accounting CECL
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On whether nonbanks are more prepared for the incoming current expected credit loss standard as some banks get an implementation delay:

"CECL will exacerbate economic downturns. By how much? That is not known and should be studied. Don't however, expect nonbank lenders to step in, as they tend to flee when markets turn ugly."

Related: Nonbank players are ready for CECL — are banks?
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Another reader reacts to a commentary that banks must prepare for CECL, as some nonbanks are ready for implementation:

"The article makes it clear that CECL could well be very harmful to certain segments of our society, particularly the underserved . . . My experience is that nonbank lenders have difficulty attracting funding when the markets retrench. Bill Isaac, former Chairman of FDIC."

Related: Nonbank players are ready for CECL — are banks?
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On Investors Bancorp’s first acquisition in years, partly in an attempt to gain more low-cost deposits:

"Low-cost deposits are a myth to cost accounting. Bankers still don’t get it. With rates down, DDA (demand deposit accounts) is worthless as a carrot."

Related: Investors Bancorp's about-face from seller to buyer
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A barber shop stands between two short-term loan stores in Birmingham, Alabama, U.S., on Tuesday, Feb. 10, 2015. In Alabama, the sixth-poorest state, with one of the highest concentrations of lenders, advocates are trying to curb payday and title loans, a confrontation that clergy cast as God versus greed. They have been stymied by an industry that metamorphoses to escape regulation, showers lawmakers with donations, packs hearings with lobbyists and has even fought a common database meant to enforce a $500 limit in loans. Photographer: Gary Tramontina/Bloomberg
Gary Tramontina/Bloomberg
On consumer groups pushing the Consumer Financial Protection Bureau to enforce certain payment protections in its payday lending rule:

"The consumer activist narrative on payments is not factual . . . An outdated CFPB regulation on top of this regulation would be duplicative and creates disparate impact on non-prime borrowers."

Related: Consumer groups to CFPB: Implement payday rule
President Trump speaks as Jerome Powell, then governor of the Federal Reserve and Trump's nominee as chairman of the Federal Reserve, left, listens during a nomination announcement in the Rose Garden of the White House in Washington on Nov. 2, 2017.
On why the Federal Reserve's monetary policy makes it a vulnerable target to President Trump:

"I don't understand how people feel everyone should make the same amount of money. Life just doesn't work that way. Some people choose to work harder than others and to use the liberals words, it wouldn't be fair if lazy people got paid the same as those that aren't."

Related: BankThink Why President Trump has the Fed on the ropes
Rachel Witkowski
Tech reporter, Financial Planning
Payday lending Payroll payments CECL Accounting methods Nonbank Marketplace lending Monetary policy Donald Trump FASB CFPB News & Analysis Senate Banking Committee Federal Reserve
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