South Carolina update II
March 12, 2009 | Associated Press, South Carolina, industry | Comments (0)This AP story contains quotes from an industry spokesperson.
South Carolina update:
March 4, 2009 | Associated Press, South Carolina, industry, regulation | Comments (0)The action begins today in the State Senate.
SC update
February 12, 2009 | Associated Press, South Carolina, local issues, regulation | Comments (0)The AP gives a comprehensive overview of the current legislation in S.C. as well as next steps.
“Consumers are trying to make smart decisions”
February 4, 2009 | Associated Press, Kansas, customers, industry, regulation, states | Comments (0)That’s CFSA spokesperson Steven Schlein telling it like it is to the Associated Press in this story out of Kansas:
There are no hard numbers on payday loans, because firms won’t release those figures, but they do acknowledge the increased interest in the products, even if the companies aren’t lending more money. Steven Schlein, spokesman for Community Financial Services Association, a trade group for the payday loan industry, said it will know more about the financial meltdown’s impact as time passes.
“Customers are trying to make smart decisions. They don’t want to bounce a rent or utility check,” Schlein said. “It’s usually a temporary thing where their paycheck isn’t matching up to their means.”
Yes, the customers know what they’re doing. And they don’t want so-called “consumer groups” or legislators making their decisions for them.
Avoid overdraft protection fees
January 11, 2009 | Associated Press, alternatives, industry, media coverage | Comments (0)This Associated Press story is getting a lot of pickup:
Customers making a $20 overdraft on their debit cards can incur an annual percentage rate of 3,520 percent if they repay it in two weeks, assuming a $27 fee, according to the FDIC. That towers over rates found for payday loans, credit cards and other forms of short-term borrowing.
Finally, journalists are starting to get it.
Done deal
December 18, 2008 | Associated Press, alternatives, industry, personal finance | Comments (0)The AP reports that the Fed voted to approved the proposed credit card changes. They take effect in July 2010.
Here’s the American Bankers Association statement. They are particularly supportive of the new “disclosure” requirements.
Will AZ legislature take up payday lending?
November 11, 2008 | Arizona, Associated Press, industry, media coverage, regulation, states | Comments (0)This AP story suggest that payday lenders will go back to the state legislature.
Jobs
October 6, 2008 | Associated Press, Ohio, industry, media coverage, regulation, states | Comments (0)Yes, that’s what the Ohio referendum is about. It’s nice to see the news media catching up with the rest of us.
First story on Ohio petition filing
August 31, 2008 | Associated Press, Ohio, industry, media coverage, regulation, states | Comments (0)More than 400,000 turned in. Read about it here.
Update: This story has more detail, including quotes from Sandy Theis, the anti-payday lending spokeswoman who used to be a flack for the strip club industry.
“Mulling” the wording of Ohio referendum
August 14, 2008 | Associated Press, Ohio, industry, regulation, states | Comments (0)This story explains what’s at stake.
