What’s it all mean?
May 22, 2010 | federal legislation, industry | Comments (2)Received this comment:
So..what does all this mean for the industry? Since Hagan’s amendment didn’t make it, we are out of the woods for now, or is there something else nestled deep in the bill? We are all aware of the Consumer Protection Agency having potential jurisdiction over pdl’s, but is that it??? I heard a few rumblings about a national database and rollover restrictions, but is that just gossip about the Consumer Protection Agency?
Excellent questions. We don’t even know if there will be a Consumer Protection Bureau (within the Fed) or a stand alone Agency. That has to be worked out between House and Senate negotiators. Either will have some type of jurisdiction over payday lending. It’s been the vagueness of this jurisdiction that has concerned the industry from day one. Way premature to know whether a national database will be created or rollover restrictions will be part of it. After the House and Senate negotiators work out a final bill, there will be an accompanying “conference report” (none legislative language that explains the bill). Perhaps that will give us clarity.
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“We don’t even know if there will be a Consumer Protection Bureau (within the Fed) or a stand alone Agency. That has to be worked out between House and Senate negotiators. Either will have some type of jurisdiction over payday lending.”
If we had to chose would we rather have the Consumer Protection Bureau (within the Fed) or a stand alone Agency? Any thought on which would be more reasonable in regards to regulating payday lending?
We prefer the bureau version housed at the Fed. a stand alone agency would not have adequate supervision.