Luetkemeyer: “CECL is something the Fed will have to enforce, as you all know, and you and I have spoken with other members as well…”

For the last several years it has been a regulatory onslaught for them, and part of it is banking regulation, which makes it difficult to get access to credit.

If you don't have the tools, the ability to study this, how can you make regulations that pinpoint what you can do to improve the economy or know the effect of those rules?

The Constitution dictates that the place to debate whether payday lending or any other lawful business should be allowed to operate and have access to the banking system is in the halls of Congress and the State legislatures.

I can't agree more with Mr. Im that we should be doing more through regular business, and I think sanctioning China and Mexico is certainly in order.