Interesting Quote from FRB Chairman Bernanke on CRA and Nonbank Financial Service Providers

An interesting quote from Fed Chairman Bernanke in a speech to the Community Affairs Research Conference on March 30, 2007: "Nonbank institutions, such as payday lenders, check cashers, and remittance agents, are important sources of financial services in low- and moderate-income communities."

It seems rare to have a regulator single out payday lenders in a half-way positive light.