Payday Pundit

Niger Innis of the Congress on Racial Equality (CORE) testified today before the Ohio Senate Committee on Finance and Financial Institutions.   Here’s a news release CORE sent out.  Key passage:
Today, Innis told Senators, “It seems unfortunate to me that the people of Ohio are in danger of losing the choice of a viable financial tool. A […]

[Read more →]

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 […]

[Read more →]

This Cincinnati Enquirer editorial demonstrates the shallowness and bias of some media.   The editoral writers just take their talking points from advocacy groups.   The Payday Pundit takes them to task:
The Enquirer:  The Senate should pass a strong reform, but it should also make sure the market can offer options for well-regulated, low-cost, short-term loans.
The Payday Pundit:  “The […]

[Read more →]

Terry Kibbe of the Consumers Rights League weighs in.    From her piece in today’s Los Angeles Times:
“The Center for Responsible Lending and other so-called consumer advocacy groups rely on shoddy research in stirring gender, racial and class sensitivities to make the case against payday loans, as they did during their successful crusades in Georgia and North Carolina […]

[Read more →]

The Payday Pundit just picked this up from last week’s  Credit Union Times site.   Rep. Patrick McHenry (R-North Carolina) wants the House Financial Services Committee to investigate a $15 million contribution the Center for Responsible Lending received from a hedge fund mogul.  CRL’s shenanigans are detailed in this report from the Consumer Rights League.

[Read more →]

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 […]

[Read more →]

Good news for Advance America (and borrowers) in North Carolina.  According to the Fayetteville Observer:
The N.C. Court of Appeals on Tuesday said payday lender Advance America should have another chance to fight for the right to issue payday loans in North Carolina.
The decision overturns a ruling by a judge in Wake County Superior Court that said […]

[Read more →]

Kudos to North Carolina Public Radio journalist Janet Babin for this accurate, in-depth report on the payday lending industry in this piece from National Public Radio’s Marketplace program. The piece discusses new research that says payday loans can actually benefit consumers and that consumers in states without payday lending are driven to bounce checks or turn to other less desirable options. […]

[Read more →]