That would be the pawn shop industry. I’m guessing that people there have a lot of guns to pawn.

PDLindustryblog has some new posts.

The New York Times writes another editorial on the CFPA:

With the House moving forward and a Senate plan on the table, opportunities exist for strong reform. The other option, which sadly also exists, is that lawmakers will entrench the status quo under the guise of reform.

What about the third option?  Regulations could make things worse.

Bloomberg’s summary contains this strange paragraph:

The Senate plan may result in fewer low-income people using banks, said Joe Gillen, chief executive officer of Pinnacle Financial Strategies, a bank-consulting firm based in Houston. That would be counter to what Congress has been trying to do in recent years, he said, forcing those people into alternatives such as payday loans.

As we’ve proved before, payday loans are the cheaper alternative.

This reporter for a far-Left website lumps payday loans in with “non-transparent” services.

I can sum up this in less than four minutes…..how about four words
T ransparent
A mericans
R estricted
P rivacy
just trying to be funny  Warren is just another that doesnt understand a)the need of short term credit b)americans what to be able to decide for themselves what fits there financial needs.c)people that have less than steller credit still need options d)oh and businesses need to make a profit. how about supporting regulated store fronts that hire tens of thousands americans instead of forcing americans to turn to unregulated non taxable sometimes illegal means for short term credit.

See Elizabeth Warren preach the gospel of transparency in this video. Notice how she conflates home mortgages and payday loans.

According to Congressional Quarterly, House Financial Services Committee Chairman Barney Frank (D-MA) is looking for a mid-December floor vote.

Tom Sullivan (Chief Counsel for Advocacy at the U.S. Small Business Administration from 2002-2008) and Sandy Baruah (Assistant Secretary of Commerce for Economic Development from 2005-2007 and Acting Administrator of the U.S. Small Business Administration from 2008-2009) published a column discussing the impact of government regulations and the proposed CFPA on small businesses.

From a small business perspective, it would make more sense to achieve better disclosure for financial products under the existing system than to create a whole new agency that will issue regulations driving the cost of credit up for consumers and small businesses.

On overdraft protection.  Here are the details.

Protecting consumers from abusive overdraft fees:  The Fairness and Accountability in Receiving Overdraft Coverage Act

Tuesday, November 17, 2009
03:00 PM
538 Dirksen Senate Office Building, room 538

The witnesses will be: Mr. Eric Halperin, Director, Washington Office, Center for Responsible Lending; Mr. Mario Livieri, Consumer, State of Connecticut; Mr. Frank Pollack, President and CEO, Pentagon Federal Credit Union; Mr. John Carey, Chief Administrative Officer, Citibank NA; and Mr. Travis Plunkett, Legislative Director, Consumer Federation of America. Additional witnesses may be announced.

Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.

Add To My Calendar (vCal)

Witnesses

Panel 1

• Mr. Eric Halperin
  Director
  Washington Office, Center for Responsible Lending
• Mr. Mario Livieri
  Consumer
  State of Connecticut
• Mr. Frank Pollack
  President and CEO
  Pentagon Federal Credit Union
• Mr. John Carey
  Chief Administrative Officer
  Citibank NA

Mr. Travis B. Plunkett
Legislative Director
Consumer Federation of America