Comments on: U.S. Senators continue to confuse the facts http://paydaypundit.org/2008/08/01/us-senators-continue-to-confuse-the-facts/ News and Information About The Payday Lending Industry Sat, 13 Mar 2010 18:15:22 -0800 http://wordpress.org/?v=2.9 hourly 1 By: Jer@PaydayLoanIndustryBlog.com http://paydaypundit.org/2008/08/01/us-senators-continue-to-confuse-the-facts/comment-page-1/#comment-800 Jer@PaydayLoanIndustryBlog.com Sun, 03 Aug 2008 06:02:40 +0000 http://paydaypundit.org/?p=1112#comment-800 Great points! It's infuriating!! The payday loan regulators and legislators continue to make attempts to control our industry without making the slightest effort to understand us or our customers. The legislators literally attempt to hand our customers over to banks and credit unions! And yet the founder of CRL (Center for Responsible Lending - a highly capitalized critic of payday lending ) owns a credit union. And now we all know that fully 60% of NET INCOME for credit unions and 18% of bank NET REVENUE is derived from overdraft fees. http://www.stats.org/stories/2008/how%5fbad%5fpayday%5floans%5fjuly18%5f08.html Finally, this same report points out that the APR on ATM fees exceed 2000%!! It's pathetic. Jer Great points! It’s infuriating!! The payday loan regulators and legislators continue to make attempts to control our industry without making the slightest effort to understand us or our customers.

The legislators literally attempt to hand our customers over to banks and credit unions!

And yet the founder of CRL (Center for Responsible Lending – a highly capitalized critic of payday lending ) owns a credit union. And now we all know that fully 60% of NET INCOME for credit unions and 18% of bank NET REVENUE is derived from overdraft fees.

http://www.stats.org/stories/2008/how%5fbad%5fpayday%5floans%5fjuly18%5f08.html

Finally, this same report points out that the APR on ATM fees exceed 2000%!!

It’s pathetic.

Jer

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