Payday Pundit

From today’s Columbus Dispatch: 
 ”Our economy cannot afford to give up jobs like this industry provides when there was ample room to compromise to keep the industry going,” said Daniel Navin, the chamber’s{Chamber of Commerce} assistant vice president of tax and economic policy.
  “This bill, in my estimation, neither does anything positive for the consumer and certainly, […]

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Today’s article  in the Columbus Dispatch speaks for itself.  The article quotes payday lending company executives as saying, “I’ve never seen anything like this.”
It’s a sad day when politicians play politics instead of listening the the people they represent.  They have ignored tens of thousands of emails, phone calls, letters and personal visits from the employees they will vote to […]

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Saul W. Adelman, Associate professor of finance at Miami University  in Oxford, Ohio has this to say in a letter to the Columbus Dispatch.
Ohio House Bill 545, which is headed for debate in the Ohio Senate, should not be approved. This bill, which would cap the annual interest rate for payday loans at 28 percent, […]

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It turns out some of Ohio’s senate staffers are annoyed by the phone calls and emails coming in from their constituents.  
Quoting a Senate staffer, the Columbus Dispatach writes, ”Thank goodness for caller ID,” said one staffer before sending another call into voice-mail.
The Payday Pundit is aware of other Ohio Senate offices who have complained about the calls coming […]

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They are stacking the deck against the payday lending industry, but we’re fighting back.  This Columbus Dispatch story captures the latest:
House leaders said the bill is an effort to deal with the debt trap associated with payday loans: Many borrowers repeatedly take out new loans to pay off old ones.
The industry, which has grown from […]

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This Columbus Dispatch piece lays it all out.

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Columbus Dispatch estimates our crowd at 2,500:

An estimated 2,500 supporters of the payday-lending industry held a rally today at the Statehouse to urge the Ohio Senate to reject new  legislation to regulate the industry.

Read the whole thing here.

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This Columbus Dispatch story has more information than the Cleveland Plain Dealer story below.  Key passage:
After months of debate over bills that were backed by either the payday industry or consumer advocates, the proposal that passed the House 69-26 is a victory for the Ohio Coalition for Responsible Lending, which pushed to lower the current […]

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This Columbus Dispatch story provides further details.  Key passage:
Stunning both the payday-lending industry and consumer advocates, House Financial Institutions Chairman Rep. Christopher R. Widener, R-Springfield, made major changes yesterday to a plan he introduced last week that did not lower the current 391 percent rate.
Widener introduced House Bill 545, which would cap payday lending rates […]

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Jamie Frauenberg, President of the Ohio Association of Financial Service Centers, minced no words this weekend in an opinion piece which appeared in the Columbus Dispatch.   This sort of clear thinking brings up precisely the points which critics can never seem to answer.
First, the loan is made for a two-week period, not 52 weeks. Why not […]

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