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PHOENIX — It may have raised a few eyebrows at a bankers’ convention, but there was FDIC Chairman Sheila Bair singling out State Employees’ Credit Union of Raleigh, N.C. in telling bankers just how to manage a successful payday loan product.

Though the banking regulator did not specifically cite “Salary Advance Loans” in her formal remarks to the American Bankers Association annual convention here, she mentioned the product three times in briefing reporters about the need for the banking industry to “do a better job” on payday alternatives.

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