Payday Pundit

CFSA Press Release:
Consumers Denied Choice, Jobs Threatened as Ohio Senate Votes to Ban Payday Lending
Legislators Play Politics, Ignore Tens of Thousands of Ohioans 
Washington, D.C. – Ignoring the pleas of tens of thousands of customers and employees, Ohio Legislators chose instead to vote today to ban payday lending in Ohio, said the Community […]

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Senator Bill Seitz, before urging rejection to the payday lending ban, stated the bill was “not fair to consumers” and that the “economic impact of this legislation should not underestimated.”
Senator Bob Schuler stated, “I think we are going overboard now.”

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UPDATE:  See who voted for and against
Read what those who voted for and against the ban had to say. 
Against the ban
For the ban

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While they are in no way a fan payday lending, the editorial writers ”do not favor a ban on the operations.” They write:
For some people in need of quick cash this may be their only option, especially if they have bad credit. Should they be denied the ability to make this choice? No, people ought to have […]

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Sunday’s editorial in the New Hampshire Union Leader asks, “What, if anything, is the governor going to do for the 200 private-sector workers he personally will make jobless at the start of next year?”
A few excerpts:

Last week legislators essentially outlawed payday lending and title lending in New Hampshire. The industry employs roughly 200 people in […]

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That’s from Tim Miller at the Center for Consumer Freedom in a piece in California’s Press Enterprise newspaper.  Also from the piece:
The rhetoric in favor of banning payday lending doesn’t seem to acknowledge the research vindicating the service, any more than it acknowledges the ability of adults to make debt-management decisions for themselves.

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So says some smart and iconoclast characters at FITSNEWS, a new online news site in South Carolina, who are watching the payday lending debate.   (For laughs, click on the sites “about us” section.)   From the piece:
Since the mainstream media refuses to pick up on the blatant legislative shakedown that’s taking place with respect to the payday […]

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The New Hampshire house and senate have concurred. The effective date on the payday lending ban will remain January 1, 2009.

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The Payday Pundit received this email tonight.
I have worked for a payday loan company for 5 years, and we are definitely a help to our community. Our customers are from varied walks of life: retired, some on social security income, unemployed, people who make over$50,000 a year, people who live paycheck to paycheck (who doesn’t?). […]

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The governor, Ted Strickland, indicates his support for a 36 % rate cap in a letter to Ohio Coalition for Responsible Lending.  
If I could, I would ask the Governer to explain how taking a credit option away from consumers helps them.

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