New Senate Banking Committee Chair
November 22, 2010 | South Dakota | Comments (0)In light of Dodd’s impending resignation, the Argus Leader is reporting that Senate Majority Leader Harry Reid has promised the chairmanship of the Senate Banking, Housing and Urban Affairs Committee to South Dakota Democrat Tim Johnson.
Harsh
February 18, 2010 | South Dakota, industry | Comments (0)PDLindustrynews.com sticks it to a South Dakota state legislature.
Bill tabled in South Dakota
February 17, 2010 | South Dakota, industry | Comments (0)From the story:
A state Senate committee tabled a bill Tuesday that would curtail the amount of interest payday lending businesses in South Dakota could charge.
The bill, which caps title and payday lending at a 72 percent interest rate, came before the Senate Commerce Committee where it was introduced by Sen. Sandy Jerstad, D-Sioux Falls.
She said she suspected the legislation would not be popular in a state that had loosened its banking laws.
Online lending growing
December 10, 2009 | South Dakota, industry | Comments (0)Argus Leader (S.D.) covers the story.
Have to hand it to them
May 21, 2009 | South Dakota, The State, industry, regulation | Comments (0)The writers at the State (S.C.) newspaper have no quit in ‘em.
Find congressional compromise
April 20, 2009 | Ohio, Rapid City Journal, South Dakota, federal legislation, industry, media coverage, personal finance, regulation | Comments (0)That’s the thrust of this Rapid City editorial
Payday loan operations fill a void. Until any person can walk into a traditional bank or credit union and borrow $100 until his or her next paycheck, payday loans will remain the only option for a lot of folks. We can support keeping the quick, short term cash option in place; but some protection against an exploding, long term debt problem should be part of the equation.
The industry, led by the Community Financial Services Association of America, has always compromised on real consumer protections. What it will not compromise on is its existence.
Rapid City Journal gets it right
April 10, 2009 | Rapid City Journal, South Dakota, best practices, customers | Comments (0)Rapid City Journal ran a nice, balanced article today. Props to them for helping to educate consumers that payday loans should be considered for emergencies while acknowledging the service these loans provide and the extent payday loans companies go to to help consumers.
The real cost of debt
January 18, 2009 | South Dakota, industry, media coverage, states | Comments (0)From the Times & Democrat out of South Carolina:
Late fees, over-the-limit fees, participation fees and annual fees can add to the cost of credit.
Another factor that adds to the cost of credit, even if you pay on time, is paying your bills by phone where the fee can cost anywhere from $3.95 to $15.95 per transaction. There is no standard charge found among the mass of credit card companies, and none of the above is tax deductible.
These type of calculations are made by payday loan customers everyday as they decide how best to make it until payday.
Just one second
October 8, 2008 | South Dakota, industry, media coverage, states | Comments (0)This person is comparing payday lenders to banks. Now we’re insulted. From the story:
And you must promise never again to borrow anything – including trouble – from an institution that has “bank” or “payday loans” in the title.
We see a slander suit coming.
Will critics attack this payday loan alternative?
April 21, 2008 | Rapid City Journal, South Dakota, alternatives, industry, media coverage, states | Comments (0)The Black Hills Credit Union is offering an “alternative” to payday loans. According to this article qualification for this ervice is ”not based on credit score, debt ratio or discretionary income.” Isn’t this a line of attack critics such as the Center for Responsible Lending level at payday lenders?
