Now that they have effectively banned storefront payday lending, the Great Falls Tribune is reporting this: 

The Montana Division of Banking and Financial Institutions issued a press release Thursday urging consumers seeking short-term and/or small loans on the Internet to be careful in reviewing the terms of the loan agreement.

A John Stossel special on FoxBusiness News will mention payday lending.  Stossel is focused on policies that have unintended consequences.   One segment will feature credit card legislation and how it has limited consumers’ choices.   His producers interviewed some payday lending customers in Delaware about their need for short-term credit.

Not exactly jumping at the all those new credit card offers.

From The Hill: 

Leonard Chanin will help establish the rule-writing team of the CFPB, including developing initial proposals for regulatory efforts. Chanin was previously the deputy director of the Federal Reserve Board’s Division of Consumer and Community Affairs and is a founding member of the American College of Consumer Financial Services Lawyers.

David Silberman will lead the implementation of the card markets division of the CFPB. He previously was general counsel and executive vice president of Kessler Financial Services, a private company. He also served deputy general counsel of the AFL-CIO when it first began the AFL-CIO credit card program and began his legal career as a law clerk for Supreme Court Justice Thurgood Marshall.

It’s a consolation prize for not being “Person of the Year.”   From the story:

In early 2010, the Harvard Law Professor emerged on The Daily Show and on the cover of TIME, as one of the experts leading the charge for financial reform. In mid-July, the Dodd-Frank financial reform bill passed along with a provision to create a Consumer Financial Protection Bureau, an idea Warren first proposed three years earlier.

A FINRA study says that’s the situation half of Americans find themselves in.

We reported a couple of day ago that Elizabeth Warren was under consideration.   However, it’s going to be Mark Zuckerberg.

Pacifica (CA) city council passed an interim moratorium on payday lending stores.  From the story:

The moratorium, or ban on use permits for establishing new payday lender facilities in Pacifica, will be in effect for 45 days and can be extended to 22 months and 15 days with another city council four-fifths vote. 

From the story:

Elizabeth Warren, the special White House adviser setting up the Bureau of Consumer Financial Protection, has selected Ohio Attorney General Richard Cordray to head the new agency’s enforcement arm, according to two people briefed on the appointment.

Cordray, a Democrat who was defeated in November for re- election by former Republican Senator Mike DeWine, has participated in the multi-state investigation of mortgage servicers over allegedly falsified documents.

On the Texas “showdown”:

What a joke? Don’t even bother getting the other side’s viewpoint or even look up the CRL’s bogus statistics to see if they are even true!