Category Archives: national

Payday loans in TIME magazine

In an article titled “Six Problems the Consumer Financial Protection Bureau Should Tackle First” payday lending made the cut. The problem w/ these fixes is that it puts people with good credit on the same plane with people with bad credit.  Basically, it creates a much bigger problem than it solves. Here is their solution: […]

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America’s dirty little secret

I know this is a little off topic, but I think it’s worth sharing.   According to NPR: “..nearly half (47%) of all Americans don’t have to pay any federal income tax.” Why isn’t Obama trying to squeeze the 100M+ people for a few dollars?  I think I know the answer.  100% of these people (that […]

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2009 better than expected for payday lenders

Lynn DeVault, board chair of the Community Financial Services Association of America, says, “In the end, things have been relatively positive.” Currently, the CFSA is tracking about 178 bills in the states. It opposes 101 of those. The states that will likely have a lot of attention in 2010 are: Arizona, Wisconsin, Colorado and Ohio. […]

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It’s almost official. We’re turning into Europe.

The CFPA is getting steam. The final vote, in the House, was 223 to 202. No Republicans voted for the bill and 27 Democrats voted against it. The legislation now heads to the senate. Republicans Pat Tiberi made an good comment: “This bill would do nothing more than make government bailout programs a permanent part […]

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National Arbitraion Forum Fallout

This is older news, but I think it’s worth discussing b/c the fallout is starting. The National Arbitration Forum is voluntarily ceasing consumer arbitrations. You can read an in depth article titled “National Arbitration Forum to Cease Administering All Consumer Arbitrations in Response to Mounting Legal and Legislative Challenges.“ Why are arbitration agreements important? I’m […]

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I just noticed a new payday political blog at Payday Pundit. It’s called Here is a taste of some of the good stuff:“The only people that benefit from unreasonably restrictive regulation of payday loan companies are criminals like “loan sharks” who would see their own share of the market grow.” Lance Weber “Loans to […]

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Taking a different angle on payday loans

Ray Fishman writes a thought provoking article in Slate Magazine about the psychology of payday loans titled “400 Percent APR—Is That Good?“ What I like about the article is that it approaches payday loan abuse from the correct angle. Basically, he says that most people using payday loans do not understand the true cost of […]

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Bankers weary of consumer watchdog agency for financial products

President Obama wants more watch dogs. The financial community does not agree. The agency would oversee just about every available consumer financial product, from payday loans and credit cards to loans from banks and nonbank mortgage lenders. Answer this much, “How effective is the SEC?” Hello Bernie Madoff. We don’t need another straw man. Anyway, […]

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Let’s Treat Borrowers Like Adults

Payday Pundit found an excellent opinion, written by Todd J. Zywicki, professor of law at George Mason University, in the Wall Street Journal titled, Let’s Treat Borrowers Like Adults. The opinion is a great read, but I seem to be enjoying the comments these days. This one is hilarious: Darren Keenan wrote:Hear hear, yes. Let’s […]

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Obama’s plan

“President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on credit card bills and mortgage documents and determine what fees, penalties and interest rates are fair.” Unlike mortgages and credit cards, I think payday loans are very straight forward. If you have not figured out that rolling […]

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