Well, is it?
August 14, 2009 | Arkansas, WalletPop, local issues | Comments (0)I don’t think that this WalletPop article actually makes an argument that lives up to the title of the piece, but I do always appreciate their reliably one sided reporting.
While so-called consumer groups celebrate their “victory,” are they also trying to find ways to provide Arkansas consumers with affordable short-term credit options? Doh! Clearly WalletPop and the “consumer” groups are forgetting something in Arkansas.
More city council nonsense
July 22, 2009 | Iowa, industry, local issues, regulation | Comments (0)This city council is looking at interest rates, an issue they really have no authority to regulate.
Bored with Boards
May 22, 2009 | Missouri, industry, local issues, regulation | Comments (0)I have nothing interesting or witty to say about this story:
The question of whether two lending companies can operate in Rock Hill is still pending before the Rock Hill Board of Aldermen.
“We are trying to solve the problem of predatory lending and alternative financial services,” City Administrator George Liyeos said. “Our city attorney is looking at this bill and it’s nowhere near finished form. “The board on Tuesday introduced a bill to regulate “certain lending businesses” in the city. Rock Hill ordinances currently state that two or more alternative lending institutions cannot operate within a mile of each other.
I suspect the answer’s NO
May 3, 2009 | Texas, industry, local issues, regulation | Comments (0)From the Dallas Morning News:
In a step that illustrates a growing fight against predatory practices by payday lenders, officials in the city of Irving are researching whether state law would allow the city to cap interest rates charged by such lenders.
I’m not a lawyer, but I don’t believe cities have the ability to regulate rates set by a state. When we get a more authoritative answer to this, we’ll post it here.
Drama building in SLC
April 20, 2009 | Utah, industry, local issues, regulation, states | Comments (0)The Council will vote tonight on whether to restrict payday lending stores. Can you feel the excitement?
Salt Lake City Tribune gives up
April 16, 2009 | Utah, federal legislation, industry, local issues, regulation | Comments (0)At least they’ve given up on browbeating the city council to regulate local payday lenders. From today’s editoral:
Some members of the City Council say they can’t do more to protect people from predatory lenders because they don’t have the necessary legal authority. Only the Legislature does. They’re right about that.
But the Legislature is reluctant to create usury laws that would limit financial institutions, including banks, from charging predatory interest. Utah could impose a maximum interest rate, tied to the prime or federal funds rate, but that would limit banks in this state who compete in a national market.
So the real solution lies in Congress. Given the current outrage over subprime mortgages, federal bailouts and lax regulation, now might be the time.
What the heck do payday loans have to do with subprime mortgages and federal bailouts of banks? If anything, the fact that there’s greater need for short-term credit ought to lead to the conclusion that this is not a good time to tighten a $70+ billion credit market. The Tribune editorial board is misguided.
San Diego to study payday loans
April 16, 2009 | California, Ohio, industry, local issues, media coverage, personal finance, regulation | Comments (0)At least the City Council wants to learn more before it acts. That’s a nice change.
“Our customers really appreciate the service.”
April 15, 2009 | Utah, industry, local issues, regulation | Comments (0)Payday lenders defend themselves to the Salt Lake City Council. Great job!
Salt Lake City action next week
April 14, 2009 | Utah, industry, local issues | Comments (0)This is about the proposed 1/2 mile separation rule.
Salt Lake City again
April 13, 2009 | Utah, industry, local issues, regulation | Comments (0)The Salt Lake City council is moving toward a half mile limit between payday lending/check cashing stores. Why does this seem necessary in the middle of a recession?
