Payday Pundit

That’s a great way of putting it.  The Wisconsin Coalition for Consumer Choice has an oped in the Wausau Daily Herald today:
If traditional lenders are focusing on borrowers who have the means and resources available, where does that leave the 28 million Americans who live life without a bank account or the 50 million Americans [...]

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The must read of the day.  CFSA’s Tommy Moore in the Tampa Bay Tribune:
But if Gutierrez and Durbin are successful, it won’t prevent people from needing emergency cash or requiring our services. It will only mean that Americans have one less option for short-term cash loans and that they will be forced to choose more [...]

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“The Market Oracle” (gotta love that name) thinks President Obama’s reforms are lame.   The proof?  Industry doesn’t hate them enough.    From the blog post:
Confronting the wreckage of a debt crisis worse than any since the Great Depression, Mr. Obama has achieved what no Republican could have: rescuing the Bush Administration’s pro-creditor policies that fostered the [...]

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That’s economist Mark Schug discussing rate cap legislation introduced in Wisconsin.  From the oped:
While some legislators backing this “reform” have good intentions, it belies a certain economic illiteracy that they can’t see what the unintended consequences of a rate cap would be. The bill’s central regulation is a ban on interest and fees that, combined, [...]

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The Newark (Ohio) Advocate says this today: 
Even though Lundy’s Ohio proposal sounds rational on the surface and deserves a full hearing, we think it again crosses the line of what should be regulated and what might create new problems or implications for all lenders. It also fails to address the reality of Internet payday sites [...]

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Tim Miller at the Center for Consumer Freedom strikes again:
Legislators and interest groups’ judging two-week payday loans by an annual percentage rate standard is as senseless as comparing a hotel’s nightly rate to a 12-month apartment lease (”New Ohio bill seeks payday lender crackdown,” June 3). Is a hotel a “predatory hotel” because it charges [...]

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Here’s the news conference video of Rep. Lundy and activist Bill Faith announcing the new Ohio bill.  They didn’t look very smart answering questions.

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From CFSA’s Tommy Moore in the Columbian newspaper:
The payday advance industry exists because we offer our customers a product that is more desirable than the alternatives.
You just can’t say it any better than that.

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From economist Mark Schug in today’s Orlando Sentinel:
This bill is loaded with good intentions, including new rules on disclosure that make it easier for borrowers to understand the terms of a loan. But its central regulation is a ban on interest and fees that, combined, total more than 15 cents for every dollar loaned in [...]

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CFSA’s Tommy Moore in Delawareonline:
State regulator reports show that more than 90 percent of payday advances are repaid when due.
These are businesses, not charities. It would not make good business sense to loan money to people who can’t pay you back.
Can’t get more straightfoward than that.

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