Now Starkville
December 22, 2010 | local issues, Mississippi | Comments (0)There’s a lot of action in Mississippi. From the story:
The Starkville Board of Aldermen Tuesday extended the moratorium on new check-cashing and high-interest loan businesses in the city.
Approximately 20 companies, commonly referred to as “payday loan” businesses, car title loan businesses and check-cashing businesses operate in Starkville, with a majority of them located on Highway 12.
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Ward 3 Alderman Eric Parker was the only board member to vote against the moratorium extension, saying he fears family-owned businesses might not be able to renew or transfer privilege licenses and/or certificates of occupancy if “something happens” to the owner.
Light blogging
December 22, 2010 | Uncategorized | Comments (0)There is not much reporting going on during this holiday season, so there will be light blogging. Everyone have a great holiday!
Balance
December 21, 2010 | CFPB, Financial Reform Bill - CFPB | Comments (1)The Consumer Financial Protection Bureau will balance education with enforcement. From the story:
Education and enforcement will be equally important to the new Consumer Financial Protection Bureau (CFPB), under an organization chart released Monday by Treasury officials.
The officials provided an update to the CFPB’s implementation plan, and expressed confidence that the bureau is on schedule to be ready for business by the July 21 deadline, as mandated by the Dodd-Frank financial reform law. Over 100 employees have already been hired to assist in the startup, they said.
Too much information
December 21, 2010 | Elizabeth Warren | Comments (0)Elizabeth Warren is pretty frugal. From the story:
“If Elizabeth Warren offers you a cup of tea, don’t accept,” Johnson writes in a profile (appearing in the magazine’s January issue) of the woman President Obama has tapped to run the new Consumer Financial Protection Bureau. In the feature, Johnson notes that while she too has been known to “pinch a penny,” she was still surprised when Warren pulled an already-used tea bag out of her desk drawer.
Warren laughed off the moment in the magazine: “I just can’t stand the waste of throwing out a tea bag after one use. It’s like a knife in the gut for me.”
Bring it on
December 21, 2010 | alternatives | Comments (0)A puff piece on “peer-to-peer” lending.
A Republican agenda
December 20, 2010 | CFPB, Elizabeth Warren | Comments (0)The American Thinker does some deep thinking:
These committee chairmen can also help stop the Obama agenda. By calling hearings and issuing subpoenas for officials to testify, a chairman can tie up the working day for this czar or that czarina. One witness who might be hauled before House committees is Elizabeth Warren, who circumvented the Senate confirmation process when she was named as the “special adviser” to a brand new Consumer Financial Protection Agency. Her appointment elicited howls of protest from Republicans, given her left-wing views and the powers of this new agency. Now their howls will be heard.
The horror story bias
December 20, 2010 | personal finance | Comments (1)We never hear about the overwhelming majority of payday lending customers who successfully and happily use their loans to pay important bills. You almost only here these stories.
Those elusive alternatives
December 20, 2010 | Montana | Comments (0)It would be great in someone in the Montana state house would follow up and see how many citizens used these payday loan alternatives. From the story:
Alternatives to predatory loans already exist and more are emerging. The Montana Credit Unions for Community Development program, which extends small loans at far lower interest than payday or car title lenders, reports that loans through its program grew 25 percent over the last quarter.
What’s going on in CA?
December 20, 2010 | California | Comments (0)This is about the third ugly article to come out of there in the past couple of weeks. Notice that the reporter gives the industry one small quote at the bottom of the story.
Feds move on debit card fees
December 17, 2010 | alternatives | Comments (0)The Federal Reserve proposed on Thursday lowering the fees that merchants must pay when shoppers use debit cards, a move that could reduce retail prices but result in higher banking fees for consumers.
Under the recommended new rules, the so-called interchange fee, or “swipe fee,” on debit cards would be capped at 12 cents – about 70 percent lower than the average fee of 44 cents per transaction last year, according to the Fed. The total amount banks received from debit card interchange fees was $16.2 billion.
How did they conclude that 12 cents was the correct amount to charge for this service?
