Payday Pundit

The Community Financial Services Association of America has hit back at a phony “consumer” group scorecard which grades states on their lending rules.  From the CFSA news release: 

The Consumer Federation of America (CFA) and the National Consumer Law Center (NCLC), two out-of-touch “consumer” groups which feel they have the authority to grade state lending laws, were […]

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Are you feeling the love?  The Payday Pundit and the Center for Responsible Lending think the Federal Reserves’ response to bank overdraft protection practices is too timid.  From the story:
Having fees kick in automatically, and without any on-the-spot notification, is a nifty way to maximize profits. Otherwise, consumers who were warned at the time might […]

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Goes to Susan Tompor at the Detroit Free Press.   Below are some statements she makes in her piece with the Payday Pundit’s comments in bold:
Debt traps — including high-cost advances on a paycheck — are crushing many Michigan consumers.
PP:   She provides absolutely NO evidence of this, not even the usual anecdotal nonsense we’ve come to expect.
As […]

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The crazies can’t give up.   This attack on the petition gathering procedures went nowhere before, going nowhere now.

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422,000 PEOPLE WOW just goes to show how politicians in this state are not doing the will of the people.Widner and jacobson look pretty bad right now cause they never expected the publics anger over this unwanted piece of legislation.SERVES THEM RIGHT and Bill Faith explain 422,000 signatures you advocate of the people???????And for these […]

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Scripps Howard is reporting on a Center for Responsible Lending study about military personnel and payday loans….from 2006.  

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That what the 400,000 signatures represent.  The Columbus Dispatch story is here:
“This effort was a great opportunity to hear from Ohioans, and it’s clear from this massive number of signatures there is a strong sentiment among voters that politicians need to stop killing jobs and financial choices in the state,” said Bridgette Roman, legal counsel […]

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Cleveland Plain Dealer has its 432nd anti-payday lending editorial out today.   It calls for voting yes on the payday lending referendum.  (Remember, a Yes is to keep the rate cap law, a NO is to repeal it.)  It think it’s fair to say that the paper is worried that the law is going to be […]

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This is over the top.  In the Virginia Daily Press today,  a guest writer invokes one of the greatest men who ever lived, William Wilberforce (see the movie “Amazing Grace” to learn more), in his screed against payday lenders: 
This commission can act with the boldness of William Wilberforce, the 19th century reformer who, against the powerful opposition […]

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Consumer Federation of America, Consumers Union and the National Consumer Law Center have given two more states failing grades for offering choices to consumers.  Illinois and Missouri received straight F’s for having a multitude of short term credit options available to consumers.

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