Testimony before the House Financial Services Committee this morning:

Examples of the financial abusers targeting racial and ethnic minorities abound, and can be found throughout the mortgage arena, where predatory lenders consistently targeted African Americans and others. This was also done in credit card abuses and in payday lending, just to name a few.

Why would any lenders target customers by race?

Please weigh in on this Wisconsin newspaper comment section.

Read all about it.

The House Financial Services Committee hearing on the CFPA begins at 10:00 ET.  You can watch it here.

Terrific post up at PDLindustryblog.

So says the Huffington Post:

Press Secretary Robert Gibbs told reporters that there were “big” concerns inside the administration over reports that Congress was scaling back a key pillar of the president’s approach to reform: the creation of a Consumer Financial Protection Agency (CFPA). And, in a warning shot to the legislative branch, he suggested that proposed legislation to create the CFPA might not pass the president’s desk if it becomes too watered down in the process.

No kidding.  NPR has caught up to the overdraft protection issue.

Wisconson Rep. Gordon Hintz sounds like he’s been spoon fed by Center for Responsible Lending.  From his guest piece today in the Appleton Post Crescent:

A two-week loan of $200 rolled over four times costs an additional $200 for a 10-week period. The average number of rollover loans in a year is 13, although the industry would have you believe that each loan is an independent transaction.

The industry would have you believe?   The data collection agency that reviews payday lending frequency in other states, says  CRL has misused its data by implying that each new loan is a “rollover”  and not a new independent transaction.   Rep. Hintz, you are being misled,

Here’s the witness list for the hearing in the House Financial Services Committee.

A columnist at Forbes is asking “Should there be a national usury cap?”  Let him know your thoughts.