From The Pew Charitable Trusts: while payday lenders claim that their loans allow borrowers to avoid checking overdrafts, many end up paying more:
In other research news related to the industry, Bank Director recently published the results to its annual compensation survey, sponsored by Compensation Advisors by Meyer-Chatfield. Included in the report is detailed information on median pay for bank boards and trends in compensation for boards and executives. Among the findings:
- Boards struggle with how to effective tie executive compensation to performance.
- The industry could find itself in the midst of a talent drain. Of the 44 percent that report the departure of a key executive within the last three years, 23 percent indicate that the employee left the banking industry.
- Most bank directors, at 62 percent, believe they are fairly compensated. Thirty-five percent expect their pay to increase this year.
The full results are available on BankDirector.com. If you have any questions about the research, I’m glad to answer them here, or you can contact me at emccormick[at]bankdirector.com.