Payday Pundit

We may live to see the day.  According to this article, the pressure is on:
A study from the Consumer Federation of America found that at least three of the nation’s 10 largest banks make it difficult for customers to obtain fee schedules or account agreements (PDF link). And U.S. banks are getting pressure from above, […]

[Read more →]

Wisdom in today’s Zanesville (OH) Times Recorder. 

[Read more →]

From Townhall.com’s blog:
I’m hearing word that anti-business “consumer” groups are pressing the Better Business Bureau to revise their ratings system — a move which could have serious repercussions on specific industries.
Founded to “promote and foster the highest ethical relationships between business and the public throught voluntary self-regulation …”, the BBB still holds a lot of sway […]

[Read more →]

A bounced $1500 check cost a congressman $450 in fees and penalties.   Ouch. 

[Read more →]

We thought news was supposed to be about current issues.  At Scripps-Howard, they think it’s a good time to write about payday lending and the military.   Bizarre to say the least.

[Read more →]

We reported this before, but it looks like the State of Minnesota has moved forward to bring Internet lenders into compliance with state laws. 

[Read more →]

The Minnesota Department of Commerce has issued new rules.  From the article:
Out-of-state lenders who provide short-term consumer loans against workers’ next paychecks will be subject to Minnesota law and licensing requirements, the Minnesota Department of Commerce ruled Friday.
Kevin Murphy, a deputy commissioner in charge of state-licensed financial institutions, said the volume of so-called payday loans […]

[Read more →]

Over at RTOonline they are recognizing Amscot Financial for its community service efforts. 

[Read more →]

In an otherwise nice story about financial literacy, the reporter at the Newark Advocate in Ohio decides to take a cheap shot a payday lenders. 

[Read more →]

Professor J.R. Clark has a provocative op-ed  out today that says poor people are hardest hurt by rates caps: 
In the past 30 years, the democratization of credit has been one of the most powerful forces for economic progress by lower-income groups in the U.S. economy. In the 1990s, as interest rates continued their deregulatory trend begun […]

[Read more →]