Payday Pundit

The Minnesota Department of Commerce has issued new rules.  From the article:
Out-of-state lenders who provide short-term consumer loans against workers’ next paychecks will be subject to Minnesota law and licensing requirements, the Minnesota Department of Commerce ruled Friday.
Kevin Murphy, a deputy commissioner in charge of state-licensed financial institutions, said the volume of so-called payday loans […]

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I wish these so-called consumer groups (and the government) would keep their noses out of the lending business. What ever happened to the free market.

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The Community Financial Services Association of America has hit back at a phony “consumer” group scorecard which grades states on their lending rules.  From the CFSA news release: 

The Consumer Federation of America (CFA) and the National Consumer Law Center (NCLC), two out-of-touch “consumer” groups which feel they have the authority to grade state lending laws, were […]

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This excerpt from a church bulletin was sent to us by a payday lending supporter in Ohio upset that his church was interfering with his right to make his own financial choice:
Payday Lending Reform
The national payday lobby was granted the go-ahead by Ohio’s
Attorney General to start circulating petitions in support of a
referendum to rescind the […]

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Over at RTOonline they are recognizing Amscot Financial for its community service efforts. 

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Over at paydayfacts.org they’ve posted a heartfelt letter to Ohio voters from a payday lending employee. 

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In an otherwise nice story about financial literacy, the reporter at the Newark Advocate in Ohio decides to take a cheap shot a payday lenders. 

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This is the first story on the late-breaking court ruling yesterday.  The decision has not impact on the referendum.  From the piece:
Although it is a loss for payday lenders, the decision does not affect their current referendum effort. On Sunday, the lenders’ coalition turned in 422,000 signatures, and county boards of elections will determine whether […]

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