Payday Pundit

And here’s the reaction to the Senate vote from one of the nation’s leading payday lenders: 
Commenting on the decision to cease store operations in Ohio, the Company’s President and Chief Executive Officer, Daniel R. Feehan said, “It is indeed a sad day when state legislators decide to end a small loan alternative that has proven […]

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So many employees of the payday lending industry in Ohio fought hard for their jobs and for their customers.  Everyone of you has more sense and smarts than the legislators who voted to kill the industry in the state.    This letter in the Youngstown Vindicator is typical of the many letters to the editors, emails to legislators […]

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The article quotes CFSA president D. Lynn DeVault, “Operating under H.B. 545 is not economically feasible.  Our member companies say they expect stores to close and jobs to be lost.”

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…So said Senator Jacobson before he called on his fellow Senators to vote to ban payday lending in Ohio.

You can watch the debate live now at http://www.ohiochannel.org/index.cfm?stream=10.

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   Finance and Financial Institutions, 9:30 AM, Finance Hearing Room
   Chair: Carey
Sub HB 545 Widener, 4th Hearing, No Testimony**(***)
Short term lending – regulation
It’s ironic that the same committee is meeting tomorrow morning to discuss the JOBS package.  If they were really concerned about jobs, they wouldn’t be voting to put 6,000 people out of work.

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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 the headline from a weekend story in the Hudson Hub Times.  From the piece: 
Opponents believe the bill will have a devastating effect on the payday loan industry, likely closing locations and costing 6,000-plus Ohioans their livelihood.
They also question where people strapped for cash and facing emergencies would go for smaller, short-term loans.

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The story by Brian Duffy of 19 Action News, includes an interview with a Check n Go employee and an  appreciative customer. The visuals include close ups of the large poster-size displays of fees that are found in all CFSA member-company stores as well as images of the 3,000 employees that rallied for their jobs […]

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Today’s News-Herald carried a great editorial on Ohio legislation:
It can happen to anyone, at any time. Maybe a sudden car repair. Perhaps an emergency at home. It could be a medical problem.
You need cash now.
Family and friends can’ t help, so you head for the local payday lender.
But, if a bill that passed the Ohio […]

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From an employee who was at the rally yesterday:
Please vote NO! Companies that have been built from the ground up will be eliminated. Pregnant mothers will be without health care. I was at the rally and saw a woman with a sign that read “My husband has terminal cancer…what will we do about our health […]

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