Posted on 22 February 2011.
A Senate committee in Texas takes up short-term loans today.
The bills threaten the livelihood of such companies, known as credit service organizations, or CSOs, charged Rob Norcross, spokesman for the Consumer Service Alliance of Texas, which represents the industry.
“The bill(s) as written would prohibit credit service organizations from charging a fee for arranging a small, short-term loan,” Norcross said. “If you want to make it illegal to provide (that) service … they are going to be forced to close their doors.”
Posted in State legislation, Texas
Posted on 22 February 2011.
In Mississippi:
Gov. Haley Barbour plans to sign a bill aimed at reducing the 572-percent equivalent interest on payday loans, his office said Monday.
“The legislation has not reached the governor’s office yet, but once it does – unless there’s some unforeseen problem or surprise in it – Gov. Barbour is likely to sign it,” said spokesman Dan Turner.
The groups that wanted payday lending banned in the state are asking for a veto.
Posted in Mississippi, State legislation
Posted on 21 February 2011.
A column about the CFPB ends with this paragraph:
Putting my skepticism aside about how this new start-up will be able to achieve such a far reaching and aggressive mission (the rest of us need to have a laser focus in order to be successful), I can at least share in the initial goodwill and excitement.
Posted in CFPB, Elizabeth Warren, Financial Reform Bill - CFPB
Posted on 21 February 2011.
Looks like this will be part of the Bureau’s modus operandi. From the story:
Checking Up: The Consumer Financial Protection Bureau will outline plans for addressing credit cards and examine the implications of the CARD Act of 2009, at a conference in Washington on Tuesday with industry executives, academics and consumer advocates.
Posted in CFPB, CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB
Posted on 18 February 2011.
The Bureau will be taking over a building across from the White House that use to house the Office of Thrift Supervision. The Payday Pundit has walked by the building many a time. Great location, kinda ugly building.
Posted in CFPB
Posted on 18 February 2011.
Light blogging until Tuesday as the Payday Pundit enjoys the holiday.
Posted in Uncategorized
Posted on 18 February 2011.
You still have time to register for the conference, March 2-4. More info here.
Posted in Uncategorized
Posted on 18 February 2011.
The Louisville Courier-Journal is making real estate promises it can’t keep:
Moreover, if their annual interest charges for non-military customers in Kentucky are capped at 36 percent, the payday lenders would have you believe, they will pack up and take their 2,000 or so jobs with them.
If you believe that, we’ll sell you Brooklyn and the Bronx.
Every state that has banned payday loans through a rate cap suffered job losses. Kentucky would be no different.
Posted in Kentucky, Rate Caps, State legislation
Posted on 18 February 2011.
That’s the latest description of Elizabeth Warren. She’s the cop-on-the beat, guru, guardian warrior.”
Posted in CFPB, CFPB Nomination, Elizabeth Warren, federal legislation, Financial Reform Bill - CFPB
