Comment of the Day
June 10, 2010 | Uncategorized | Comments (2)We all the know the payday loan industry’s lobbying budget and campaign contributions are significantly less than those of the automobile dealers. As a result, we face the wrath of Congress.
In an ideal world we would join forces with the lobbying efforts of car dealers, finance companies, banks, credit card companies, the pawn industry and more. However, the majority of these industries would rather we assume the role of a sacrificial lamb and take the brunt of regulatory reform.
There’s just one thing Congress and our competitors overlook. Consumers by the millions need our small, non-collateralized, no hassle, short-term loans! Consumers literally DEMAND them.
So… as long as we remain flexible and inventive, we’ll be around. I’ve said this before, “We are a very creative industry with a product consumers cannot do without.”
Embrace the changes necessary and support the industry!
Comments»
I wish this commenter was going to be heading the new agency or bureau! Unfortunately, instead we are likely to get ultra-liberal ideologues who believe that payday loan customers need to be protected from themselves. They intend, and will, appoint themselves as the guardians of these consumers and will make their choices for them. The payday lending industry (in anything close to its current form) will not survive unless it is successful at changing their view of the industry as inherently evil. (And just for the record, their opinion of banks and other lenders isn’t much better, they just recognize that they can’t demolish the banking industry without destroying the economy.) My advice is to try to engage and educate as quickly as possible. In that regard, perhaps it’s time for FISCA to take the “Fight the CFPA” tab off of their website.
The only way I know of to change the “views” of Congress is with money…. I mean, by lobbying. Unfortunately it’s ok for banks to do, but not for our industry, at least according to the media.