Watch the conference
June 15, 2010 | federal legislation, industry | Comments (0)Live now on C-Span.
Slow down reform
June 15, 2010 | federal legislation, industry | Comments (0)Politico interviews Senator Spencer Bachus. Click here to watch the video.
Options in Arizona?
June 15, 2010 | Arizona, federal legislation | Comments (0)From the CreditLoan blog:
Though more than 100 payday lending businesses will be prohibited from operating in the state, some lenders are considering converting to auto-title loans or check cashing operations, which may be legal under Arizona law. Some have contacted attorneys to determine their options under the new regulations, according to the newspaper.
Clarification
June 15, 2010 | Uncategorized | Comments (0)Week two referred to in the conference schedule below is NEXT week.
Sense in Britain
June 15, 2010 | industry, international, regulation | Comments (0)From the story:
The Office of Fair Trading (OFT) has backed away from recommending price controls on expensive forms of short-term borrowing.
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“In a number of respects, these markets work reasonably well in that they serve borrowers not catered for by mainstream suppliers, complaint levels are low, and there is evidence that for some products, lenders do not levy charges on customers who miss payments or make payments late,” the OFT said.
Conference schedule
June 14, 2010 | federal legislation, industry | Comments (1)TENTATIVE CONFERENCE SCHEDULE
Week 1
Capital Markets issues, including Office of Insurance
Federal Reserve audit and governance
Executive compensation and corporate governance
Prudential regulation – thrifts
Systemic risk regulation
Resolution authority
Payments, clearing and settlement
Week 2
Consumer Protection Agency, CFPA/CFPB
Predatory lending
Interchange
Remittances
Access issues
Prudential regulation
Derivatives; miscellaneous
Old Glory
June 14, 2010 | Uncategorized | Comments (0)The Payday Pundit celebrates Flag Day.
Financial reform action
June 14, 2010 | federal legislation | Comments (0)The conference will not meet today. They will be back tomorrow. I expect the conference to be a little overshadowed on Thursday by the appearance of BP CEO Tony Hayward on Capitol Hill.
The media drumbeat
June 14, 2010 | Virginia, industry | Comments (0)Fredricksburg.com keeps up an unrelenting crusade:
Some Virginians know, but many don’t, that car-title, payday, and open-ended lenders charge interest rates of 300 percent APR to 400 percent APR on loans.
By any definition, this is usury. But usury is legal in Virginia under laws passed and reaffirmed every year by the General Assembly.
Payday, car-title, and open-ended lending are reverse Ponzi schemes.
The Virginia legislature examined these services carefully. They acted. But nothing is ever good enough for agenda-driven journalists.
Financial reform: forging ahead
June 14, 2010 | federal legislation, industry | Comments (0)From the story:
Senators and House representatives are continuing to work this week on combining two versions of the financial reform bill ahead of a July 4 deadline for President Obama. Banks are working to protect their interests as the final bill will represent monumental change to financial regulation.
