We were a little jet lagged this morning (flew back from the West Coast  last night) and didn’t highlight the most important part of the Politico story we posted below:

Payday lenders — like other groups seeking to escape the reach of a new consumer entity — contend they didn’t cause the financial crisis and therefore shouldn’t be punished for it. They also argue that burdensome new regulations will only raise the costs of borrowing for consumers.

“What started out as an attempt to regulate industries responsible for last year’s economic meltdown — mortgage companies and too-big-to-fail banks — has turned into an overreaching bill that seeks to impose federal rules over industries traditionally regulated by the states,” said D. Lynn DeVault, board chairwoman of the Community Financial Services Association.