For all the anticipation that preceded the Consumer Financial Protection Bureau's final small-dollar lending rule, a picture of how the rule will affect banks and credit unions is still quite hazy.
Facing persistently low loan yields, increased competition and higher regulatory costs, many community banks are at risk of becoming irrelevant unless they rethink their business models.
The loan product, which allows consumers retroactively to adjust a payment amount, illustrates how community-based institutions are trying to reach technologically savvy consumers.
The company, which is still recovering from two recent hurricanes, said it will voluntary comply with several key restrictions that were in the 2010 written agreement.
While disappointed with the CFPB's actions in recent years, bankers said they want to see a campaign platform before making a decision on the agency's director.
