And now, Memphis
November 12, 2008 | Tennessee, industry, local issues, regulation | Comments (0)Payday lenders under scrutiny in the home of the blues.
We really hate city councils
October 10, 2008 | Tennessee, industry, local issues, states | Comments (0)Here’s one in Tennessee that is particularly annoying.
Fringe?
October 3, 2008 | Tennessee, industry, local issues, media coverage, regulation, states | Comments (0)That’s what this reporter calls payday loans in a story about a Memphis councilman seeking restrictions:
A freshman member of the Memphis City Council is pushing for new zoning regulations intended to curb the growth of the fringe financial industry in the city and county.
Businesses such as payday lenders and auto title loan shops will be subject to stricter rules about where they can and can’t open and how far apart they have to be from one another if City Council member Bill Morrison gets his way.
The Payday Pundit wonders if these city council members ever ask the citiziens what they want.
Some refreshing commentary for your Friday
July 11, 2008 | Tennessee | Comments (0)The FCC shouldn’t regulate mobile telephone contract cancellation fees any more than the Department of Commerce should regulate fees related to payday lenders or the Department of Transportation should regulate fees related to title loan companies….
Adding another regulation that will have to be overseen by somebody will only drive up costs (to pay the regulator). Regulation costs are often passed along to the regulated industry. Companies often pass along their costs to the consumer.
Look for increases in bank fees
April 4, 2008 | Tennessee, alternatives, industry, personal finance, states | Comments (0)Bank fees are on the rise and don’t expect them to go down anytime soon according to the Chattanooga Times Free Press.
The Federal Reserve Bank’s recent interest rate cuts may have provided some relief for consumers, but banks have been left looking for other streams of revenue to compensate.
For many banks, that additional revenue comes in the form of fees charged to consumers.
The article also attributes the rise as an attempt by banks to compensate for low-balance ‘free’ checking accounts which “don’t bring in much money and may actually cost the bank money.”
Ouch! Fine print can be costly.
Your tax dollars at work
March 18, 2008 | Memphis Daily News, Tennessee, industry, industry critics, media coverage, regulation, states | Comments (0)This story highlights the activities of a government-paid busybody–the community affairs specialist at the Federal Reserve Bank of St. Louis,– who thinks it’s her job to put payday lenders out of business. She says she’s just advocating for “cheaper alternatives” but this “advocacy” seems to cross the line. So the industry is now paying taxes to pay the salaries of people who want to put it out of business.
