From National Review Online: 

Nor does anyone know precisely how the Consumer Financial Protection Bureau (CFPB) will affect credit access, market stability, and economic growth.

I don’t think EVERY banker, or big bank employee is literally rubbing their hands together whilst plotting and scheming against the PDL industry… BUT, big banks have lobbied against us in the past, and are happy to spread negative propaganda about our “outrageous” APR’s of “over 400%” ($17 to borrow $100 when you have BAD CREDIT seems pretty good to me, especially with operating costs and licensing!) and then turn around and offer THE SAME PRODUCT with a different name, sometimes in states (such as Ohio) that have banned/regulated payday lending out of existence!! YOU may not personally be “plotting” but banks have proven to be very protective and territorial over their $38 Billion in NSF fees in ‘09, and I’m certain they will do ANYTHING in their power to keep profits high at their customer’s expense. No one is “plotting”, they’re simply lobbying to eliminate competitors as always.

From the story: 

 The three Republican senators who backed the financial regulatory overhaul urged President Barack Obama not to appoint a new consumer protection watchdog while Congress is in recess.

 Senators Olympia Snowe and Susan Collins of Maine and Massachusetts Senator Scott Brown Thursday called on Obama to follow “regular order” in nominating someone to head the Consumer Financial Protection Bureau (CFPB).

There’s a particular person who you (The Huffington Post writers) want to be head of CFPB because:

“She predicted what was going to happen.“  And,

You don’t like Tim Geithner .

I work for a bank that is a member company of an international house-hold name. I can assure you that we are not plotting to put payday lenders out of business. We have our hands full enough trying to manage our mortgage and commerical portfolios and businesses during these very times.challenging.   

Addressing the post below:

Good point. I want to see the greedy bank CEOs wanting to lend out their money to middle class or lower class Americans instead of taking vacation to Myrtle Beach Golf Vacations..not gonna happen.

The payday lenders we work with are not that profitable most of their profits that they make off those “high-cost” loans goes to their overhead, their employees, and the leads. So one store or one website is not profitable enough so that is why they keep opinion {sic} more stores (creating more jobs) in order to make a little profit.

One of payday lenders I work with, its CEO continues pouring money, out of his own pocket, into his business. I want to see banks and their greedy executives do that. They won’t because they can’t. So to the banks, bring it on!

Matt Fellowes at The Huffington Post has prematurely starting playing taps for the payday lending industry.  I think several of his premises miss the mark by a mile, including this one: 

Just as important, bank shareholders will demand that banks start competing with their newly hobbled fringe counterparts for those 20 million households.

Banks that are scared to death of customers without perfect credit scores are going to look to our customers for new revenues?  Well, let them try.  We welcome competition.

So says Treasury Secretary Geithner as reported by The Hill.

At least for Washington.  From The Hill: 

At least a thousand new government workers will be hired as a direct result of the legislation, which triggers a massive wave of rulemaking by regulatory agencies.

For law firms on K Street, the Wall Street reform means big business, and banks and other financial institutions affected by the sweeping overhaul are expected, at a minimum, to shift in-house lawyers to regulatory work.

“Lawyers always win,” joked one Washington insider, who was quick to say that he wasn’t just saying that because he’s a lawyer.

The Securities and Exchange Commission (SEC) expects to add about 800 new positions to carry out its new and expanded responsibilities, while the Commodity Futures Trading Commission (CFTC) plans to increase its workforce by nearly 50 percent, to 1,000 employees, a spokesman told The Hill.

From the story: 

Companies offering illegal Internet payday loans through at least five websites will refund more than $305,000 under a settlement the West Virginia attorney general’s office.

Attorney General Darrell McGraw announced the deal with FFD Companies on Wednesday. FFD will also stop marketing, making or collecting on payday loans in West Virginia.

The settlement benefits 576 people.