It’s time for the rest of us to get involved in this battle before we lose the freedoms that have made our country the most successful nation — with the strongest and most vibrant banking system — in the world. The place to debate whether payday lending or any other business should be allowed to operate and have access to the banking system is in the halls of Congress and state legislatures, not in the backrooms of government bureaucracies.
It doesn’t seem to count for anything at the Justice Department, but Congress debated payday lending during the Dodd-Frank deliberations and concluded it is a service utilized and needed by millions of people, so it should not be eliminated and should be regulated by the Consumer Financial Protection Bureau.
William M. Isaac, a former chairman of the Federal Deposit Insurance Corp., is senior managing director and global head of financial institutions at FTI Consulting. Mr. Isaac and his firm provide services to many clients, including some short-term lenders.