USA Today’s turn
April 20, 2010 | federal legislation, industry | Comments (0)To report on the fact the we lobby. Big yawner. From the story:
Payday lenders have stepped up their federal lobbying as Congress works on sweeping legislation to regulate banks and protect consumers from the risky financial practices blamed for the economic crisis. The Community Financial Services Association, which represents more than half of the storefront payday lenders, spent $2.6 million in lobbying last year — a 75% jump from 2008 — as it has battled to exempt itself from regulation by a proposed consumer protection agency President Obama wants to create.
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We don’t think we should be regulated by the federal government,” said Steven Schlein, a spokesman for the Community Financial Services Association. “The idea of financial reform was to regulate the too-big-to-fail banks and the mortgage industry, which caused the crisis. We make $345 loans, on average. We don’t think this has anything to do with the meltdown
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