In our recent post re: Utah, there is a poll that’s asking readers whether or not payday loans should be banned in the state. We want to make sure you got out there to rock your vote for access to short-term credit. This is where it currently stands now, so make sure you get out and vote!

According to a story from this morning’s Provo Daily Herald,  the Coalition of Religious Communities has released a report claiming that a very high percentage of Provo’s district court’s small claims cases were filed by payday lending companies. Referring to the payday court traffic as a “significant drain on the system,” coalition member Linda Hilton singled out payday lending company Check City as the main cause behind the high numbers. Hilton claimed that the Provo based company requires its customers to report to court in Provo, no matter where their loan was purchased. We have yet to hear a statement from Check City, but will be following closely to see how reliable these claims truly are.

A very interesting perspective coming from this New York Times article re: the debt collections industry. Tired of being harassed, threatened, and cursed at, the industry’s trade association is going on a “charm offensive” to educate the public and the financial services’ new regulator: ‘Hey, we are people too.’

“There really ought to be a law on how consumers behave towards debt collectors,” said Mr. Neeb, whose employees routinely use aliases on the phone to protect their identity from hostile debtors.

ACA International has beefed up its lobbying operation in Washington to pursue a wish list of laws and regulations that it would like changed, and has even set up a Web site called: Ask Doctor Debt.

Raj Date. That’s the name that’s being floated around as the nominee for CFPB director. Well the only other option next to Elizabeth Warren at this point. Everyone else has turned it down.

One columnist has said though, that Date would be a bad choice:

That would be a mistake. Although Date has been critical of Wall Street, his professional background as a former executive with Deutsche Bank (DB) and Capital One (COF) would inevitably cause an outcry among Democrats about a conflict of interest. And simply as a matter of optics, Obama would come off looking weak by bowing to Republican pressure at a time he has little to lose by handing the job to Warren.

Richard Cordray, the former Ohio AG that has been tasked as the director of enforcement at the CFPB, says the new agency won’t be going rogue once it goes up July 21st.

Cordray said the bureau will “start in a deliberate and transparent manner. We’re not going to come off doing random or crazy things. We will be communicating with the public and with industry and we will be sensible about what we do.’’

Later quote in the story that we couldn’t agree more with:

“If we are enforcing the law against the dishonest businesses, the ones that are competing unfairly and illegally with the honest businesses, then that’s better for all concerned,’’ Cordray said. “It cleans the markets.’’

A recent study says that banks are expected to lose up to $14 billion from the reduction of interchange fees.

So how are they going to make up for the loss revenue? The likely candidate: Offloading more costs onto consumers.

A CardHub.com analysis finds that large banks will make up for lost revenue by increasing monthly fees and minimum balance requirements and making debit card reward programs less appealing.

“This is not about regulating shoes so there are no shoe stores,” Warren said yesterday in a discussion at the Roosevelt House Public Policy Institute at Hunter College in New York. “I actually believe in competitive markets.”

Warren appeared at the institute with U.S. Representative Carolyn Maloney, a New York Democrat, to speak about the CFPB before an invitation-only audience.

According to a study released this week by the National Bureau of Economic Research, many American not only have a financial plan in place, but a “sizable” number are confused about the terms they committed to.

And it seems Americans are also ignorant of their financial ignorance. Although many haven’t mastered basic economic concepts, such as inflation, nearly 40 percent of gave themselves high scores when asked to rate their own financial literacy. Just 14 percent rated their knowledge level three or worse on a seven point scale.

Other key points of interest:

• The average American family has very little financial breathing room
• Almost half of the population has trouble covering monthly expenses.
• And just over half of the population lacks a household rainy-day fund that could cover three months of living.
• Nearly 30 percent of American have no savings account at all. Nearly that same share have at least four credit cards.

The Washington Post reported that Senate Minority Leader Mitch McConnell (R-KY) is standing by his vow to block any candidate.

“It’s not sexist. It’s not Elizabeth Warren-specific,” McConnell spokesman Donald Stewart said. “It’s any nominee.”

It takes only a single senator to hold up the confirmation indefinitely. President Obama could appoint someone during the next congressional recess, but Republicans can keep the Senate in session to block that move.

We talked about this in an earlier post, but can’t help thinking of Festivus when reading Ezra Klein’s comment below re: lack of leadership in high profile posts within government agencies.

A week ago, Nobel-prize winner Peter Diamond withdrew his nomination to the Federal Reserve’s Board of Governors. Republicans had blocked him for being unqualified, perhaps because the Nobel laureate had not also completed Hercules’ 12-feats of strength. That took one high-profile Obama nominee off the board. But it left the highest-profile candidate still in limbo. What about Elizabeth Warren, who bankers seemed to be warming to, even if Republican congressmen weren’t getting along with her?