Pawn shops in Reno are like teenage girls at a Justin Beiber concert: everywhere.

We face a situation of soaring layoffs caused by the recession and many Americans unable to make mortgage and personal debt payments — with Las Vegas and Nevada generally leading the nation in these areas with our record unemployment, foreclosure and bankruptcy rates.

The Consumer Financial Protection Bureau (or Agency) will not help with any of these problems.

The $804 million Nevada Federal Credit Union, headquartered in Las Vegas, has apparently written its last payday loan.

A call to the credit union confirmed that the Nevada stopped offering the loans as of Thursday, Oct. 15 and any mention of the controversial short term loans had disappeared from its Web site.

Nevada Federal had been offering a loan called AdvancePay, which charged an application fee up front whether a borrower got the loan or not.  The credit union had defended the loans by arguing they were less expensive for members than other payday advance loans offered by other firms, but an NCUA letter to credit unions made it clear the regulator took a dim view of the lending.

They had the option of cutting the rate, but decided not to offer it instead.

In the first seven months of this year, the credit union has issued 12,000 loans, amounting to about $8 million, an estimate based on borrowers taking out the maximum loan of $700. A single payday loan costs $60 regardless of whether the loan is for $100 or $700. Also, note that the $60 is an application fee, and doesn’t guarantee that an applicant will get the loan.

You would think that Nevada Federal was just rolling in the dough, charging people a relatively high fee for a small amount of cash for an even smaller period of time — not to mention the ones who were turned down.

Not so, Beal said. There is a fair amount of risk involved in the payday loan “alternative” and the fees offset the losses, and it costs the credit union $55 to service the loan, he said.

Some people haven’t repaid their loans, and if the credit union isn’t able to collect within a few weeks, it writes it off as a loss.

This year, Nevada Federal has already lost $75,000 from defaults.

In the first seven months of this year, the credit union has issued 12,000 loans, amounting to about $8 million, an estimate based on borrowers taking out the maximum loan of $700. A single payday loan costs $60 regardless of whether the loan is for $100 or $700. Also, note that the $60 is an application fee, and doesn’t guarantee that an applicant will get the loan.

You would think that Nevada Federal was just rolling in the dough, charging people a relatively high fee for a small amount of cash for an even smaller period of time — not to mention the ones who were turned down.

Not so, Beal said. There is a fair amount of risk involved in the payday loan “alternative” and the fees offset the losses, and it costs the credit union $55 to service the loan, he said.

Some people haven’t repaid their loans, and if the credit union isn’t able to collect within a few weeks, it writes it off as a loss.

This year, Nevada Federal has already lost $75,000 from defaults.

Matthew Callister, the attorney who most recently represented Handy Cash, says his clients, which include other payday lenders, are being scapegoated because of their vocal opposition to legislation limiting payday interest rates and fees that was passed during the 2007 state legislative session. Callister, who recently withdrew as the attorney for the bankrupt Handy Cash, said state Assembly Speaker Barbara Buckley is unfairly singling his clients out because they “spoke out” against a bill she had supported. Buckley, not coincidentally, is the executive director of the legal aid center.

Zealots will use any means to achieve their objective.

Monday, Nevada’s Attorney General’s Office and Secretary of State’s Office filed charges against ACORN for voter registration violations and forging voter registration forms.

ACORN officials both locally and nationally say the charges are a complete surprise; national representatives say they were also unaware of any investigation.

Saw some lunatic spokesperson from ACORN on a cable show the other night swearing they were not under investigation anywhere.   Denial ain’t just a river in Egypt.