This sums it up nicely
February 26, 2010 | alternatives, industry, industry critics | Comments (0)Our far Left critics’ disdain for “profits” and “competition” comes through in spades in this crazy opinion piece.
Close to a deal on financial reform?
February 26, 2010 | federal legislation, industry | Comments (0)The New York Times blogger says so:
The prospect of a financial regulatory overhaul’s passing Congress brightened on Thursday, as representatives of the banking industry left a meeting with the Treasury secretary saying that they had agreed on the need to get a bill through Congress this year, Sewell Chan reports in The New York Times.
Members of the Senate Banking Committee, which has wrestled for months over the legislation, said they believed an accord might be possible, though significant differences remained over the extent of new consumer protections, among other matters.
Richard C. Shelby of Alabama, the senior Republican on the panel, said that he and the committee’s Democratic chairman, Christopher J. Dodd of Connecticut, who met on Wednesday evening, “agree on probably 90 percent” of “just about everything” in the legislation.
Calling all Colorado payday lenders
February 26, 2010 | Colorado, industry | Comments (0)There’s a forum in Greeley on Saturday. Do you have stores there? Employees? Customers? Get them to the forum to defend the industry.
PDL not on Kentucky agenda
February 26, 2010 | Kentucky, industry | Comments (0)And a Kentucky editorial writer whines about it. From the story:
Payday lenders can roll out their own arguments against the criticisms. {Committee Chairman} Greer’s refusal deprives lawmakers and the public of the benefits of that debate.
Nonsense. They had a debate last year and want to see how the new law works before they revisit the issue.
Would make good movie title
February 25, 2010 | Colorado, industry | Comments (0)The “Passion and the Politics.” The Colorado fight has apparently stirred these emotions.
Comment of the Day
February 25, 2010 | Uncategorized | Comments (1)Not to the Payday Pundit but posted under the St. Louis Post Dispatch story linked to below:
I’m for regulating anything where taxpayer funds are being used to support the business, like banks. If payday loan companies are using their own money, then they shouldn’t be regulated other than to make sure that no one lies to the customer and terms are noted prominently. The only thing I want to make sure is that all businesses play fair and tell you upfront what the deal is. If a person knows the deal and accepts it, then it’s a go in my book.
More coverage on banks/pdl story
February 25, 2010 | alternatives, federal legislation, industry | Comments (0)From the St. Louis Post Dispatch blog:
The products aren’t new; Wells Fargo has offered such loans since 1994 and Fifth Third Bank launched them in 2008. Consultant Elizabeth Rowe tells Bloomberg, though, that the product is ripe for expansion:
The smarter banks are trying to resell overdraft protection to consumers as a different product.
Another consultant, Michael Flores, notes that big banks face high overhead costs and may have trouble making money on small loans. Still, this is more evidence that when regulators create a void, the market will find a way to fill it.
“isn’t your average business”
February 25, 2010 | alternatives, customers | Comments (0)BankRate.com has an article on the show “Pawn Stars”:
Known for considering anything from routine watches and jewelry to rare American Civil War weaponry and Native American totems, the father and son drew the attention of The History Channel for a new reality show that’s part “Antiques Roadshow,” and part “American Chopper,” called “Pawn Stars.” Now, with the popularity of the show, the two, along with Rick’s son and eventual successor, Corey, are experiencing some growing pains. “I’ve gone from 15 employees to 27,” says Rick. “I’m trying to get everybody to understand how everything flows here because this isn’t your average business.”
For those that can’t be there
February 25, 2010 | Uncategorized | Comments (0)The Payday Pundit will be at CFSA’s annual conference in La Quinta next week. (Information here.) We’ll do some posts from the event with pictures so you can all share in the experience.
This sounds promising
February 25, 2010 | federal legislation, industry | Comments (0)From today’s Washington Post:
The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system.
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President Obama‘s economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.
