The New York Times reports “A Consumer Bill Gives Exemption on Payday Loans” that Senator Bob Corker of Tennessee is trying to remove a provision from the draft that would empower the CFPA to oversee payday lenders. Payday Pundit highlighted this statement by CFSA spokesman Steven Schlein: “The banks caused the financial meltdown, and they’re […]
Category Archives: CFSA
Tim Miller’s letter to the Wall Street Journal
Tim Miller’s letter to the Wall Street Journal takes a mathmatical approach to the whole triple digit APR issue. This is the biggest argument consumer groups make. A payday loan is intened to cover a borrower for a short period of time. When you annualize a product that spans between 2-10 weeks, it does not […]
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