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Banks and Consumers
November 2, 2017
To the Editor:
R “Living on a Borrowed Dime” (Business Day, Oct. 20), which seems to criticize banks for high consumer debt: Every day, retail banks across the country strive to offer products that meet consumer needs. That commitment is paying off: A recent report by the Consumer Financial Protection Bureau shows a correlation between bank deposit accounts and financial well-being.
Unlike bank-based financial products, which are well regulated, payday lenders, loan sharks and pawn shops do not have the same vested interest in ensuring that their customers can repay any bill, loan, mortgage or credit card payment they accumulate. Indeed, as you pointed out, if consumers cannot repay their bills, banks lose money, too.
RICHARD HUNT, WASHINGTON
The writer is president and chief executive, Consumer Bankers Assn.