Industry fights Wisconsin rate cap
August 3, 2009 | Milwaukee Journal Sentinel, Wisconsin, industry, regulation | Comments (0)But, of course, the media only looks at the sausage making in this story about the payday lending industry hiring lobbyists. How does the newspaper recommend we fight industry-threatening legislation?
Credit Union official tells truth about small loan program
April 7, 2008 | Milwaukee Journal Sentinel, Wisconsin, alternatives, industry, media coverage, states | Comments (0)In the interesting article in the Milwaukee Sentinel, Eric Richard of the Credit Union National Association, argues against regulating credit unions like banks. One of the reasons?
Richard said credit unions sometimes will provide services to members even if they know they won’t necessarily make money. Fast-cash loans as an alternative to payday lenders is one example.
“We are not profit maximizers,” Richard said. “We don’t try to maximize our return on assets or returns to investors. There are different ways you regulate the different kinds of institutions.”
Of course, the payday lending industry happily competes with all comers, even against credit unions that offer unprofitable services.
