After talking to a few lobbyists, here’s what I’ve learned about federal legislation.
The leadership of the House is considering whether to use the Consumer Finance Protection Agency legislation as a vehicle for all financial regulatory reform, including payday lending. Gutierrez postponed the markup of his bill because of these negotiations.
Senator Durbin, who has a rate cap bill, has been quiet, waiting to see what happens with the CFPA.
September will be an exciting month for the industry.
Not the kind of excitement I like though.
Boy, this could go either way. Should they create a set of Federal Regulations that allow for the industry to survive, this could be a very good thing. We shall see…