From the Wall Street Journal: 

Mr. Reid, speaking on the Senate floor, said that a number of big-ticket items, including a possible Supreme Court nomination, will mean the Senate has to press forward with consideration of the financial-overhaul bill.

“I hope that we can complete it in a time that’s appropriate. We have so much more to do here,” Mr. Reid said.

Up and running.  From the article: 

State law limits customers to two payday loans at a time, totaling $500. With the database, customers who exceed the limit won’t be able to receive a new payday loan until they pay off prior loans.

The Senate is in a little bit of chaos.  Majority Leader Reid needs to work out a deal on derivatives first.  That deal will be in the first amendment offered to financial reform.    Word is if there isn’t a larger agreement on major issues, there could be hundreds of amendments filed (not that they will all be debated and voted on.)

We’ll keep you posted.

This article pretty much explains it: 

A bill limiting the terms of payday loans has narrowly passed a vote in the state Senate.

The Senate backed a new version of the bill late Thursday by one vote. It changes short-term payday loans into six-month loans.

Lenders would still be able to charge a $75 origination fee as well as monthly fees up to $30 and up to 45 percent in interest.

Big Government thinks so.  Good video on this link.

From the Dow Jones newswire: 

A new consumer watchdog will be a prime target for amendments as the U.S. Senate debates sweeping financial-overhaul legislation over the next few weeks.

The underlying bill would create a consumer financial-protection bureau within the Federal Reserve that would police credit cards, mortgages and other consumer financial products. Republicans criticize the watchdog’s powers as too sweeping and warn it will overburden small businesses.

In contrast, some Democrats want to see the consumer entity given more power and independence.

The tug-of-war over the consumer agency has been overshadowed in recent weeks by partisan sniping over whether the bill would end future taxpayer bailouts of faltering financial firms. But the issue is likely to roar back to the forefront in the coming days.

Republicans will seek to scale back the reach and autonomy of the bureau. Republicans haven’t yet filed any amendments, but Sen. Bob Corker (R., Tenn.) is expected to offer an amendment with an alternative consumer financial-protection section.

It was overshadowed by a “Teacher Reform” bill so not many news stories yet.  The bill creates a six-month product.  Obviously, not a good development.  The third read of the bill will take place today.

From the story:

Geithner responded that the new agency would be led by someone who was confirmed by the Senate, much like those who head up the Federal Trade Commission, Securities and Exchange Commission and the Commodities Futures Trading Commission, he said.

“We’re trying to take a model which is familiar to you,” Geithner said.

The head of the consumer agency would focus on writing and enforcing rules against financial abuse and fraud and wouldn’t have the kind of authority to give out credit that Alexander feared, Geithner said.

From The Hill:

The Senate, where House bills often flail, is considering amendments that could cost Wall Street tens of billions of dollars. Senators opened debate this week as public opinion polls continue to show strong support for new Wall Street regulations.

“The old rules have been totally reversed,” said Brian Gardner, research analyst at Keefe, Bruyette and Woods. “The world we’re all used to living with – which is the House overreaches and the Senate cools it down – is not true.”

On the website “Newsbusters” under a story trashing Rachel Maddow for trashing payday lenders: 

Unlike health insurance, there is no “mandate” that forces an individual to take out a payday loan. 

Oh and for Rachel’s edification,  state chartered intrastate businesses (e.g. most payday loan firms) are usually regulated by the individual state.