Payday Pundit

These people can take this report and shove it.   
Did we mention that were tired of city council members?  Stick to fixing potholes. 
And no one asked for your opinion, pal. 

[Read more →]

A KPRC Channel 2 investigative report out of Houston details how Bank of America is manipulating “pending” deposits and debits to charge customers overdraft fees.
Shelly Fisher knew she was running low in her account when she saw a pending automatic payment to TiVo.
A $10 check cleared, leaving her with less than $5 in the bank.  […]

[Read more →]

From regular reader Jon Schultz:
I think a few essential points need to be communicated to the voters in a concise, easy-to-understand way:
1. HB545 would eliminate small, short-term loans from the marketplace by requiring that they be offered for a fraction of the cost of issuing them. The proponents of HB545 are trying to hide that […]

[Read more →]

payday_4×8cardwht    
Thousands of these are distributed every day to encourage citizens to sign the referendum petition.  Just click on the links above to open in PDF.   (If you close on the documents, it takes you away from he blog, so backspace instead. )

[Read more →]

From the Arkansan Leader:
The 136 {Payday lending stores} still in operation include the 55 operating in defiance of Attorney General McDaniel’s order, and 81 that currently operate outside of state regulation.
McDaniel and his staff have said these 81 will face scrutiny and potential action given the Attorney General’s long-term goal that all payday lenders in […]

[Read more →]

Women selling their eggs is the latest thing: 
 Across the country, fertility centers have also seen a surge in repeat donors and surrogates.
 A woman who passes the health and psychological screenings can get thousands of dollars in return for her donation.
“The donors will make in the area of $7,000, and the surrogates will make anywhere from $20,000 […]

[Read more →]

The Nova Scotia Utility and Review Board announced the caps it was placing on fees for payday loans there.  After careful study and soliciting input from both sides of the issue, the board:
…set the maximum cost of borrowing at $31 on $100, including interest and fees. It also capped the default penalty at $40 and […]

[Read more →]

This new study by the National Community Reinvestment Coalition claims minorities are at higher risk to be the recipients of high-cost mortgages and other types of loans.     To their credit, the authors didn’t make the charge that lenders “target” by race.  From the report:

Lending disparities for African-Americans and Hispanics also increased significantly as income levels increased. During […]

[Read more →]

Advocacy group Demos released a statement yesterday endorsing the freshly introduced “Credit Card Holders Bill of Rights.”  As support for this US House bill Demos cited some interesting statistics about who credit card companies are “targeting” and how much they’re charging these customers in “penalty fees”:
Demos research shows that low-income families and households of color, […]

[Read more →]

[Read more →]