This article today discusses Ricardo Salinas Pliego, a Mexican billionaire, who wants to extend his Grupo Salinas to New York. The catch? He would need approval for his bank’s 60 to 80 percent interest rates on small loans.

With that, here is your quote of the day. Apparently this happens in other countries as well, not just in the United States.

“The do-gooders don’t know this, but this is what happens,” he said. “The people who need a $500 loan can’t get it because it’s illegal. So where do they go? To the sharks and the illegal economy. We see this all across Latin America.”

Reminds us to remind you that CFSA Members are required to be licensed and regulated. A member that offers payday advances through the Internet must be licensed in the state where the payday advance customer resides. Unlike companies that are licensed by the state, unregulated and illegal lenders, including those located offshore, are not subject to state examination, compliance standards, or the formal complaint process.