Treasury Secretary Tim Geithner mentioned payday lending during testimony on the Administration’s reform proposals:

Already, many Wall Street bankers are trying to soften some of the proposals including one for a Consumer Financial Protection Agency, something that Geithner urged lawmakers to back.

He noted that many non-banks like mortgage brokers and independent mortgage companies, consumer credit companies and payday loan operations are currently able to operate with no federal supervision whatever.

He said that having one agency to look after consumer interests in their dealings with not only banks but also non-bank financial firms would help to block banks from trying to seek out the weakest regulator and delaying compliance with rules.

It will all be in the details.