Payday Pundit

Matthew Glans of the Heartland Institute had this to say in the Akron Beacon Journal about Ohio legislation:
The Ohio legislature, like many governing bodies across the country, apparently believes it is a better economic steward than the market. Legislators are considering new laws that would limit the ability of consumers to choose what lending services […]

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So says Larry Wilson in the State Newspaper of South Carolina.   We don’t normally see much wisdom from the editorial page of this paper, but this is a guest columnist, not one of their regular writers.   Wilson, the chairman of the South Carolina Council on Education, says: 
A staff report of the Federal Reserve Bank of […]

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Tim Miller of Center for Consumer Freedom has a very sensible opinion piece today in the Christian Science Monitor.  From the piece:
One consequence of payday lending restrictions is that they force would-be borrowers into alternatives that are far more costly. Georgia, for example, has outlawed the practice – mistakenly, as a Federal Reserve Bank of […]

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Terry Kibbe of the Consumers Rights League has a guest piece today in the Denver Post that picks up on recent research by Don Morgan of the NY Federal Reserve. 
Money quote: ”Morgan also questioned the validity of the research from the Center for Responsible Lending saying the Center ‘overstated the number of problem borrowers.’ He noted […]

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The report from staff researchers at the Federal Reserve Bank of New York is continuing to pick up steam. 
As states look at consumer credit issues it’s important that they look at the facts and carefully examine the real impacts of legislation.    The Federal Reserve staff study does just that and finds that one of […]

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Virginia’s General Assembly has moved a payday advance bill to the desk of Gov. Tim Kaine that restricts consumer choice on when and how often consumers may have access to credit.  The measure, which Kaine has indicated he will sign, includes a complicated schedule of new loan applications and makes it illegal for a consumer […]

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