Ohio’s Attorney General wants more power.  That’s my profound take away from this story:

Cordray added that H.B. 209 will expand the authority of his office to prosecute violations of the new law under the Consumer Sales Practices Act.

“The Attorney General’s Office will have explicit statutory authority through these provisions to go after unlicensed lenders, including internet payday lenders,” he said.

The Check ‘n Go blog has a new post on it.

So far, no mention of payday lending at the Consumer Financial Protection Agency hearing.

Click on the link in on this page.

That’s the take in the wake of House Financial Services Chairman Barney Frank’s announcement yesterday.  From the story:

The latest proposal for a Consumer Financial Protection Agency would no longer require financial institutions to offer a “plain vanilla” version of its products, such as a basic 30-year fixed rate mortgage. That would free lenders to concentrate on selling more sophisticated and expensive products.

The changes were proposed in a memo sent to Democratic members of the House Financial Services Committee on Tuesday evening by its chairman, Barney Frank.

The financial crisis sparked the idea for the agency, to make financial products safer for consumers. Advocates say such an agency could have prevented the subprime mortgage crisis and the resulting financial meltdown.

The agency would be able to examine and subpoena information from banks, while regulating financial tools such as mortgages and credit cards. Such an agency could determine the language on loan applications, how it’s presented and what the disclosure requirements are.

The new proposal would exempt non-bank businesses — such as merchants and retailers — from oversight. That means they could continue to offer customers tabs and layaway plans without facing a new layer of regulation, Frank’s memo said. Accountants, real estate brokers and agents also would be exempt.

When we find out what this means for the payday lending industry, we’ll let you know.

This British columnist is out of his mind.

Bank of America and J.P. Morgan are feeling the heat.  From the Washington Post:

Two of the nation’s largest retail banks said they will announce new limits on overdraft fees Wednesday as the industry seeks to contain rising anger over the practice.

Bank of America, the largest retail bank, said that beginning Oct. 19 it will let customers decline overdraft protection, and it will no longer charge fees on overdrafts if the account is in the red by less than $10. The bank also will limit the number of times customers can be charged overdraft fees to four times a day — reversing changes earlier this year that increased the limit to 10 times a day.

The Payday Pundit is surprised that transparency is not front and center.

We’ll keep you posted.

Missed this from yesterday.  A UK-based Internet company got a beat down from the FTC:

And I have no idea what this means for the payday lending industry.  From the story:

Rep. Barney Frank (D-Mass.) on Tuesday circulated a memo to fellow Democrats that outlines strong support for a new Consumer Financial Protection Agency and includes a series of legislative changes designed to win over wary lawmakers.

Frank, chairman of the House Financial Services Committee, is a strong backer of President Barack Obama’s proposal for a new agency. It would have broad authority over products such as home loans and credit cards.