From the story:

Republican leaders blocked an attempt late yesterday by state Rep. Mary Still, D-Columbia, to get a payday loan reform bill onto the House floor for consideration.

The Heritage Foundation picks apart the Dodd bill:

Unfortunately, if this ploy succeeds, the result would be an all-powerful bureaucracy that would do little to address the real problems in the industry and actually make future crises—and bailouts—more likely. The first step has already been taken after the Senate Banking Committee amended the 1,336-page original text with a 114-page manager’s amendment and sent the bill to the full Senate after a 22-minute markup on March 22.

Consumer Federation of America issued this news release on the Dodd bill markup.   Phrases never seen coming out of the mouths or in the news releases of people like this are “free markets” ” or “economic growth.”

Haven’t heard much about this, but we’ll keep an eye on it.  From the story:

Today, legislators in the Tennessee House Utilities and Banking subcommittee will have the chance to stand up for working men and women in Tennessee by saying 100 percent APR is enough for predatory payday lenders.

A 100% APR equals a $3.84 fee.   In other words, it’s a ban.

We welcome the competition from these Texas credit unions:

The new product will be launched in participating credit unions on March 30, the league said, after the CUs have trained their staff in how to “sensitively” offer the product.

“Our goal is to keep more money in the hands of the borrower,” said Natasha Melugin, REAL Solutions program director for the Texas league. “Hundreds of payday, auto title and other small predatory lenders litter our streets, preying on financially distressed consumers. These ‘rescue’ loans intended to bailout the borrower in fact keeps them in a vicious debt-cycle.”

Unlike most payday loans available in Texas, the new loan products will carry a much lower interest rate at 18%. The loans will also offer a longer repayment term than other payday loans and require the borrowers to deposit 10% of the loan amount in a savings account.

Longer repayment and other requirements.  Not exactly an apples-to-apples “alternative” but good luck to them.

I’m tired of journalists criticizing industry lobbying while writing story and after story supporting or opposing particular legislation.  This is about the sixth or seventh Huffington Post  columnist or reporter that writes regularly in favor of financial regulatory reform.  Shouldn’t the Huffington Post register these people as lobbyists?  From the column:

The President’s bill got it right. It created a fully independent consumer agency with real authority and enforcement power. Over 70 percent of the public supports substantive financial reform, including strong consumer protections. It is a shameful statement on our “pay to play” politics that a more aggressive bill – that focuses on the real culprits of the economic crisis– cannot find support among both Democrats and Republicans. The bankers and Wall Street may have forgotten how to make a good loan, but they haven’t forgotten how to lobby.

The nerve of this guy.  He can try to influence Congress but is opposed to lobbying by other people.   The hypocrisy and self-righteousness of the news media never ceases to amaze me.

Now journalists are complaining that employees are lobbying their legislators.  Maybe we should lock legislators away so they can’t have  communication with anyone.

People need access to short-term credit.  Maybe the state legislators know more than this columnist.

As expected, the Senate Banking Committee by bipartisan agreement passed the financial reform bill and sent it to the floor.  Republicans simply decided not to fight it out in committee.  They’re keeping their powder dry for a vigorous floor fight.

ACORN folds.