Payday Pundit

The Virginia Daily Press calls for an “all-out assault on both payday and car title lending.”  
We suspect the legislature will want to see how the new law on payday lending works before revisiting the issue.

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Not happy with nanny-state restrictions on payday loans, activists in Virginia are going after title lenders.  From the story:
Because car title lenders are unregulated, no one knows exactly how many exist in Virginia. Religious and consumer protection groups have identified 113 through Google and online Yellow Pages searches.
Like payday lenders, title lenders offer small loans […]

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If you’re interested in how a Richmond, VA lobbying firm that works for the Community Financial Services Association of America is beefing up its capababilities, you’ll be interested in this:
A member of the House Republican leadership is quitting the General Assembly in midterm to become a lobbyist — a move that is raising eyebrows among […]

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This is over the top.  In the Virginia Daily Press today,  a guest writer invokes one of the greatest men who ever lived, William Wilberforce (see the movie “Amazing Grace” to learn more), in his screed against payday lenders: 
This commission can act with the boldness of William Wilberforce, the 19th century reformer who, against the powerful opposition […]

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The Virginia Daily Press has yet another over-the-top editorial bashing the payday lending industry.  Of course, one sentence in the editorial demonstrates that they still don’t know what a payday loan is:
Even with the limit set by the charade of a “reform” passed by this year’s General Assembly, repeat and repeat and repeat customers are […]

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The Virginia Daily Press’s editorial whining about the influence of lobbying and political contributions from payday lenders brought this response from a Delegate Brenda Pogge:
Lately, I have been surprised to find myself in agreement with more and more of the editorials in the Daily Press, but this was not one of them.
Well, the Payday Pundit is […]

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The Richmond Times Dispatch is bothered that payday lenders don’t want to be required to tell customers all the payment terms verbally.  Lenders argue that this will slow down the transactions in stores.
Payday loans are the most transparent loans there are.  A third grader can comprehend the loan form.  Anti-payday lending activists, Richmond Times editorial writers […]

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The Virginia State Corporation Commission began discussions on how to implement the new law.  From the story: 
Representatives of payday lenders and opponents of payday lending disagreed yesterday on how much information lenders should be required to orally provide borrowers about their borrowing options.

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Following up on their story about lobbyist spending in Virgina, the Richmond Times-Dispatch released an editorial that breezily balanced our right to free speech with politicians’ right to eliminate jobs and limit choice:
Industries and groups that fear their profits and interests are under threat will work to defend themselves. We supported curbs on predatory lending. […]

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The Daily Press in Virginia wrote a snarky editorial today under the headline “This Explains It” denouncing the lobbying activities of various interests, including payday lenders.   Money quote:
Lobbyists spent a record amount — $20 million in the last year — trying to influence the Virginia General Assembly. That would account for the way some things went.
In […]

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