Happy Thanksgiving!
November 24, 2010 | Uncategorized | Comments (0)The Payday Pundit is taking the next couple days off to celebrate the holiday season with our nearest and dearest. Posting will resume on Monday, November 29th and we’ll get you caught up on all of the news and views in the payday lending industry. Until then, from our family here to you and yours, we hope you have a happy holiday.
CFSA VP says Rate Caps Harm Consumers
November 24, 2010 | Maryland | Comments (0)A letter to the editor today in the Baltimore Sun from CFSA’s VP Rebecca Adler making the case for why rate caps harm consumers.
University of Missouri on the CFPB and Payday Loans
November 24, 2010 | Missouri, Payday lending, regulation | Comments (0)University of Missouri’s Brenda Procter makes some predictions about the CFPB’s priorities and jurisdiction:
…the newly created Consumer Financial Protection Bureau does not have the authority to cap interest rates, as some states have done, but the bureau does have the power to limit the number of loans a person can get as well as other aspects.
Procter goes on to repeat several misconceptions about payday loans, completely ignoring current state regulation, industry best practices and consumer credit needs. Not that we expect much more from these types–just more of the same.
Comment of the Day
November 24, 2010 | Uncategorized | Comments (0)On payday lending customers yet again being called “unbanked:”
Like you stated, it is silly for anyone to assume a payday customer to be unbanked. Fact is one must have a checking account to take out a loan.
The “unbanked.” It sounds like some sort of disease you get form a lack of sunshine. Yes, the unbanked are modern day lepers. They are not smart enough to care for their money. But they, the do-gooders, must find a way to save them from themselves and force them into a customer-unfriendly TBTF banking scheme. Round hole meet square peg.
As usual, the do-gooders never let frivolous details and facts get in the way of demonizing an industry that is not blessed by the PC ruling class. The very idea that the ruling class has come up with a name of someone who doesn’t play their control game, the “unbanked”, shows how out of touch they are with everyday working people.
Not Again
November 23, 2010 | Uncategorized | Comments (0)Another scam reported today in Omaha:
The 91-year-old Omaha woman was so excited. All morning Monday, she had been getting phone calls from people telling her she had won $500,000.
All she had to do was take $3,000 to a payday loan store in South Omaha, and she would be able to collect her prize. They would even send a cab to her house to pick her up.
Despicable tricks.
I Guess We Need to Say It Again
November 22, 2010 | Arizona | Comments (1)Another article mischaracterizing payday lending customers as “unbanked.”
We do agree though that bank terms are often too complex, which is why payday lenders clearly and transparently explain the cost of our loans to our customers.
The Rivlin Tour Continues
November 22, 2010 | Gary Rivlin, industry critics | Comments (2)The next stop on the Broke USA book tour is in Miami and seemingly there’s a problem with payday lenders working to be contributing members of the community that they provide credit in and providing their customers with services that they intend to purchase anyway. The Miami Herald quotes the COO of Amscot Financial:
New Senate Banking Committee Chair
November 22, 2010 | South Dakota | Comments (0)In light of Dodd’s impending resignation, the Argus Leader is reporting that Senate Majority Leader Harry Reid has promised the chairmanship of the Senate Banking, Housing and Urban Affairs Committee to South Dakota Democrat Tim Johnson.
Arizona update
November 19, 2010 | Arizona | Comments (0)Some lenders close, some evolve:
Street corners in Glendale and Peoria are marked by a handful of additional vacant stores since Arizona voters cracked down on payday lending.
Several of the national chains that offered easy money at high interest rates to cash-strapped customers have closed. Check ‘n Go shuttered 100 locations across the state. The companies say they can’t do business with tougher new limits. Other stores have turned to auto-title loans, check cashing and similar services, raising new worries among consumer advocates.
———————Industry representatives argue that Peoria and Glendale residents will suffer with fewer ways to get short-term loans during tough times and warn that the state’s economic recovery will be delayed.
Customers turned to payday loans for real needs, lobbyist Lee Miller said, like staving off a foreclosure or making a deposit on a new apartment.
Take a poll
November 19, 2010 | Financial Reform Bill - CFPB, customers, regulation | Comments (0)The Consumer Rights Coalition is asking how the new credit card rules impact you.
