Proud to destroy jobs, access to credit
May 1, 2009 | Daily Press, Virginia, industry, media coverage, regulation | Comments (0)From the Daily (VA) Press:
This fall, Dels. G. Glenn Oder and Phil Hamilton will face off against two Newport News attorneys making their first bids for elected office. Gary West is running against Oder in the 94th House District, while Robin Abbott is pushing Hamilton in the 93rd.
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Oder honed in on his work to reel in payday lenders.
“Those regulations are going to strangle them and they’re going to leave the state,” he said.
Hard to believe that this guy has a job, let alone is an elected official.
Obsessive compulsives strike again
January 14, 2009 | Daily Press, industry, regulation | Comments (0)The editorial writers at the Daily (VA) Press have once again called for tighter restrictions on payday loans. In other news, the sun rose this morning.
Stirring things up in VA
January 4, 2009 | Daily Press, VAs Against Payday Loans, Virginia, industry, industry critics, media coverage, regulation | Comments (0)The Virginia Daily Press is in a tizzy because payday lenders are innovating and changing their service to make sure they can stay in business:
For example, in September payday lenders received permission from the State Corporation Commission to offer open-end loans at their payday loan locations. Open-end loans are loans with no set time of repayment. The borrower is only required to make a periodic minimum payment, and the loan can continue in perpetuity. The biggest payday lender in Virginia started doing open-end loans on Dec. 1, charging an interest rate of 365 percent if the borrower allows the lender to automatically deduct payments from his account and 456 percent if he doesn’t.
So they got permission from government regulators to change their service. How brazen?
The critics have things exactly backwards. During this period when credit will remain tight, payday lenders are a valuable source of credit for working people.
Virginia fight next year?
October 27, 2008 | Daily Press, Virginia, industry, media coverage, regulation, states | Comments (0)The Virginia Daily Press calls for an “all-out assault on both payday and car title lending.”
We suspect the legislature will want to see how the new law on payday lending works before revisiting the issue.
Pompous twit spouts off in Virginia Daily Press
August 30, 2008 | Daily Press, VAs Against Payday Loans, Virginia, industry, industry critics, media coverage, regulation, states | Comments (0)This is over the top. In the Virginia Daily Press today, a guest writer invokes one of the greatest men who ever lived, William Wilberforce (see the movie “Amazing Grace” to learn more), in his screed against payday lenders:
This commission can act with the boldness of William Wilberforce, the 19th century reformer who, against the powerful opposition of well-heeled commercial interests, led the effort for one of the greatest social reforms known to man, the abolition of the slave trade.
Well the Payday Pundit can be more pompous than some “consumer” advocate. To paraphrase another great Enlishman, payday lenders shall go on to the end…we shall fight on the beaches of Virginia, we shall fight on the landing grounds of the state capitol in Ohio, we shall fight in the fields and in the streets of California, we shall fight in the hills of Colorado, we shall never surrender.
Howling at the moon
August 22, 2008 | Daily Press, Virginia, industry, industry critics, media coverage, regulation, states | Comments (0)The Virginia Daily Press has yet another over-the-top editorial bashing the payday lending industry. Of course, one sentence in the editorial demonstrates that they still don’t know what a payday loan is:
Even with the limit set by the charade of a “reform” passed by this year’s General Assembly, repeat and repeat and repeat customers are the norm. And with fees and upfront charges, the effective interest rate still pushes 400 percent.
What “upfront charges” are those? We know of no payday lender that has “upfront charges.” And what’s wrong with having repeat customers? Doesn’t that mean consumers are happy with the service? Most editorial writers have an elitist’s distate for capitalism that oozes from every pore.
“…extremely bad choice for…servicemembers….”
August 18, 2008 | Center for Responsible Lending, Daily Press, alternatives, industry, industry critics, media coverage | Comments (0)What could they possible be talking about? How about a government bonus plan that calls on service members to take a bonus now in exchange for reductions of their retirement plan? We liked this quote from the Virginia Daily Press story:
The government’s goal in offering the CRB/Redux combination is to save hundreds of millions of dollars a year in future retirement obligations. It works well, but at service members’ expense. Indeed, it might be argued that no payday lender outside a military base ever ripped off a member as severely as the government has done with this bonus offer.
Those who accept the $30,000, Quester said, are — in effect — taking out a loan that sharply lowers their retirement. But it’s a loan that can’t be paid off, which makes it worse than inflated-interest-rate loans of payday lenders.
“There is no way you can pay this loan back early and get it off your back,” she said. “You’re essentially paying it back until you die. So if you live to be 100, you’re going to pay it back until you’re 100.”
Where’s the Center for Responsible Lending on this one?
“This explains it.” No, it doesn’t
August 18, 2008 | Daily Press, Uncategorized, Virginia, industry, media coverage, regulation, states | Comments (0)The Virginia Daily Press’s editorial whining about the influence of lobbying and political contributions from payday lenders brought this response from a Delegate Brenda Pogge:
Lately, I have been surprised to find myself in agreement with more and more of the editorials in the Daily Press, but this was not one of them.
Well, the Payday Pundit is in disgreement with almost all of the Daily Press’s editorials, ESPECIALLY that one.
“..careless behavior or irresponsibility can’t be legislated.”
April 28, 2008 | Daily Press, Virginia, industry, media coverage, positive media coverage, regulation, states | Comments (0)So says a wise Virginian in this letter to the editor in the Daily Press. Mr. Gerald Ross of Hampton says he’s never used a payday loan, but thinks the responsibility for personal financial decisions should be up to the individual, not the government.
The Payday Pundit agrees.
Letter to editor runs in Virginia’s Daily Press
April 22, 2008 | Daily Press, Virginia, industry, media coverage, positive media coverage, regulation, states | Comments (0)Tommy Moore discuss the negative impacts of payday loan bans in his most recent LTE.
