http://paydaypundit.org/2010/06/10/comment-of-the-day-204/ News and Information About The Payday Lending Industry Fri, 11 Jun 2010 22:59:45 -0700 http://wordpress.org/?v=2.9 hourly 1 http://paydaypundit.org/2010/06/10/comment-of-the-day-204/comment-page-1/#comment-10741 A friend of the industry Thu, 10 Jun 2010 19:47:15 +0000 http://paydaypundit.org/?p=9590#comment-10741 I wish this commenter was going to be heading the new agency or bureau! Unfortunately, instead we are likely to get ultra-liberal ideologues who believe that payday loan customers need to be protected from themselves. They intend, and will, appoint themselves as the guardians of these consumers and will make their choices for them. The payday lending industry (in anything close to its current form) will not survive unless it is successful at changing their view of the industry as inherently evil. (And just for the record, their opinion of banks and other lenders isn’t much better, they just recognize that they can’t demolish the banking industry without destroying the economy.) My advice is to try to engage and educate as quickly as possible. In that regard, perhaps it’s time for FISCA to take the “Fight the CFPA” tab off of their website. I wish this commenter was going to be heading the new agency or bureau! Unfortunately, instead we are likely to get ultra-liberal ideologues who believe that payday loan customers need to be protected from themselves. They intend, and will, appoint themselves as the guardians of these consumers and will make their choices for them. The payday lending industry (in anything close to its current form) will not survive unless it is successful at changing their view of the industry as inherently evil. (And just for the record, their opinion of banks and other lenders isn’t much better, they just recognize that they can’t demolish the banking industry without destroying the economy.) My advice is to try to engage and educate as quickly as possible. In that regard, perhaps it’s time for FISCA to take the “Fight the CFPA” tab off of their website.

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