Payday Pundit

The banking industry is concerned that the potential Federal Reserve clamp down on “unfair and deceptive” practices” could cost it to lose $10.6 billion in interest on credit cards.   Now that $10.6 billion is just a percentage of the industry’s revenue from credit cards.
By comparison, the payday lending industry’s total revenue was approximately $8.6 billion in 2007. 

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Stung by allegations of charging high interest rates, Microfinancers are considering a “truth-in-lending” type standard to apply across the industry.   From the BusinessWeek story:
In an effort to head off a potential crisis in the fast-expanding microfinance industry, its leaders are adopting global truth-in-lending standards and creating a system for comparing loan terms offered by competing […]

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A new study says that payday lenders locate in communities with large Christian conservative populations. This on the heels of  prior allegations that payday lenders locate in communities with high populations of minorities, women, immigrants, the elderly, the poor, the middle-class and now conservative Christians. A recent BusinessWeek article even said payday lenders are now targeting more affluent […]

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