Iowa radicals are relentless
February 19, 2010 | Iowa | Comments (1)We’ve discussed the ICCI before. They are nothing if not relentless. See their odious oped in today’s Des Moines Register.
Iowa bill not going anywhere
February 11, 2010 | Iowa, industry | Comments (1)At least according to the latest AP story:
A measure that would restrict payday loans in Iowa and likely put many of the lenders out of business appears dead for this legislative session.
The proposal would make payday lenders choose between a 36 percent cap on interest or a limit on the number of loans given to a borrower. Supporters said the measure is needed to stop lenders from taking advantage of people in Iowa, who now can be charged up to 400 percent interest.
Rep. Janet Petersen, chairwoman of the House Commerce Committee, blamed the measure’s likely failure on a lack of time and opposition from some members of a subcommittee where the proposal was assigned. The deadline for the committee to act on the bill is Friday.
Why “blamed”? Why not “credited” the measure’s failure to some legislators having good sense?
More noise in Iowa
February 10, 2010 | Iowa, industry | Comments (4)From the story:
A diverse coalition of groups is attempting to make a final push for approval of tougher regulations on payday lenders with only two days before a legislative deadline passes and the bill is dead for another year.
These people have a lot of time on their hands.
PDL “low priority” for Iowans
February 8, 2010 | Iowa, industry, regulation | Comments (1)More important things to worry about.
The IAFFC is defending the industry
January 28, 2010 | Iowa, industry | Comments (0)And protecting consumer choice. If you do business in Iowa, check them out here. Below are some facts about the industry and Iowa:
- The industry contributed over $125 million to Iowa’s gross state product (GSP) in 2007.
- The payday lending industry supports over 2,000 jobs[] in Iowa, including 1,028 people directly employed in 315 storefront locations. []
- The industry indirectly created another 347 jobs in supplier industries.
- Payday loan store and supplier industry employees induced the creation of 701 jobs through the purchase of goods and services using earned wages.
- In Iowa, the total labor income impact from the payday loan industry is $78.5 million:
- Through direct employment, payday loan stores contributed nearly $40 million in labor income.
- Suppliers to the payday lending industry contributed $13.7 million in labor income as an indirect result of the revenues generated by the payday loan industry.
- $25 million was generated from the wages of payday loan store employees and supplier industries’ employees as they were spent in Iowa’s economy.
- The payday lending industry helped to generate $32.5 million in federal, state and local taxes in 2007.
Note: Findings based on 2007 data from IHS Global Insight study.
Micro loans, Iowa & Arizona
January 28, 2010 | Arizona, Iowa | Comments (1)What do they have in common? They are all discussed over at PDLindustrynews.com
A lot of time on their hands
January 25, 2010 | Iowa, alternatives | Comments (1)Theses Iowa radicals–CCI– are fanatics. Check this out:
The Wells Fargo protest will be in Des Moines on Tuesday, Jan. 26.
Wells Fargo is hurting hardworking families. They pour money into lobbying against meaningful financial reform. At the same time, they are foreclosing on families and financing payday lenders that charge hardworking families 400 percent interest rates. Iowans say enough is enough.
CCI’s demands for Wells Fargo include:
- Stop financing payday lenders that trap people in a cycle of debt and suck tens of millions of dollars out of our communities each year.
- Modify more loans to keep families in their homes.
- Cancel your bonuses; instead use them to relieve state budget crises.
- Stop lobbying against the people, instead lobby for the Consumer Financial Protection Agency and other financial reforms that put people first.
Hey, Wells Fargo is just about the last bank in the country still making mortgages. Leave them alone. And they offer a competitive alternative product to payday loans. Why doesn’t CCI get into the business of offering a payday loan alternative instead of holding protests against institutions like payday lenders and Wells Fargo that help out working families?
Strong defense of overdraft protection
January 14, 2010 | Iowa, alternatives, industry | Comments (0)You don’t see too many op-eds like this one:
Proposed legislation in Congress would limit how Iowa banks and credit unions can help consumers with this service. Specifically, this legislation would limit the number of times consumers could utilize overdraft protection to once per month and no more than six times per year. Such legislation would restrict consumers from receiving the benefits of this service and increase the number of checks returned by merchants due to insufficient funds.
Power of pawn
January 11, 2010 | Iowa, alternatives | Comments (1)More borrowing less lending at a pawn shop in Iowa.
Could be trouble in Iowa this year
January 5, 2010 | Iowa, industry | Comments (0)If you’re Catholic and live in Iowa, talk these people:
A legislative effort to tighten regulation of payday loans has received a significant boost with the endorsement of the Iowa Catholic Conference, which called Tuesday for new restrictions on loans where interest rates can soar to 400 percent.
I doubt the Iowa Catholic Conference has the resources to provide loans to payday lending customers when they have a bill to pay.
