Bull
October 8, 2008 | Cleveland Plain Dealer, Ohio, industry, media coverage, regulation, states | Comments (0)The Cleveland Plain Dealer editorial writers are at it again, misusing data and mixing up industries. From today’s editorial:
Using data released in January by the Brookings Institution after a nationwide study, the Minneapolis Fed charted the locations of payday lenders, check-cashing outlets and the like in its Federal Reserve district: Minnesota, Montana, the Dakotas, Michigan’s Upper Peninsula and 26 Wisconsin counties.
Payday lenders and check cashers are not the same. Check cashing customers are poor, they don’t have bank accounts, so check cashers locate in poor neighborhoods for the convenience of their customers. Mixing payday lenders with check cashers is a common tactic of critics who don’t really care about the facts.
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