PDLindustry blog has a new post on the subject.

This blistering editorial attacking the state legislature for not cracking down on title lending and payday lending could have made the point that we need to have competition between the two services.  That’s what would best serve the consumers.

Not really, but Senators Dodd and Shelby seem to be cooperating on moving a financial reform bill.  From the story:

The top Senate Democrat and Republican negotiating new Wall Street regulation said Wednesday they expect to resolve their differences before the end of January, an optimistic outlook for a bill that had seemed mired in partisan conflicts.

Sens. Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., issued a joint statement saying bipartisan negotiations have resulted in “meaningful progress.” The Senate Banking Committee could consider a compromise bill as early as Jan. 26, people familiar with the discussions said.

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One of the major sticking points between Dodd and Shelby is the proposed Consumer Financial Protection Agency, a central feature of President Barack Obama’s regulatory plan. Dodd supports the idea and Shelby opposes it.

But lobbyists, aides and senators say committee members are considering a proposal that would create an agency that writes consumer regulations but would leave enforcement to specific banking regulators. They said the proposal had yet to be embraced by Dodd and Shelby and could still be scrapped.

We’ll try to get feedback from industry sources to assess whether this is moving in the right direction for the payday lending industry.

Payday Pundit will post and comment only on extremely relevant articles through next Monday.   This blog wishes everyone a Merry Christmas.

From the story:

Banks are scrambling to find new footing as lawmakers and regulators undermine one of the industry’s profit foundations: consumer fees.

Federal rules on credit card practices instituted a year ago kicked off a year in which fee income, a large and dependable source of retail banking profits, came under assault on many fronts. Lawmakers and regulators instituted a series of policies that restricted the industry’s ability to charge for everything from credit card overlimit transactions to checking account overdrafts.

And the threat to consumer fees is far from over. Lawmakers are considering bills that would further restrict overdraft fees and regulate credit card issuers’ interchange fees. They also have begun making noise about automated teller machine fees.

Two cabinet secretaries will be involved in financial literacy program.   From the story:

Education Secretary Arne Duncan and Treasury Secretary Timothy Geithner put the focus on financial literacy recently when they teamed up to announce the National Financial Capability Challenge, a joint initiative of their two departments.

The program, scheduled to take place this spring, is a voluntary initiative designed to boost the financial acumen of high school students nationwide. Students that participate will take an online exam about age-appropriate financial concepts.

Check ‘n Go blog let’s you know how.

While most of us are digging out from winter weather, the Payday Pundit thinks it’s a good time to promote CFSA’s Annual Conference.  It’s March 3-6 at the La Quinta Resort in Palm Springs, CA.

From the article:

Steve and Jerry Rubenstein, owners of Allan’s Jewelry and Loan, say they’ve seen an increase in both holiday shoppers and those hoping to get extra holiday cash by selling their belongings at the Anderson shop.

“I’ve never seen this many people,” Steve Rubenstein said.

Holiday shoppers cashing in on buying used are getting great deals at area pawn shops, he said.

That’s in the Constitution.  And that’s what lobbying is.   That’s why we’re annoyed by articles that  like this one that attack industries for lobbying.