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Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, responded that banks can continue offering overdraft protection as a form of credit, but they’ll have to comply with the same rules that apply to other types.

According to Chabrier, the new rule keeps pace with the change in overdraft protection as paper checks have been replaced with instant debits.

Morlot responded to the final ovation with an encore, Chabrier’s colorful “�����貹ñ��.”

Ms. Chabrier referred to it as “robbing Peter to pay Paul.”

Meanwhile, Ms. Chabrier ticked off a list of questions that anyone considering pay-by-paycheck loans or retailers should ask.