This is just an update. The act lost one of their sponsors, Rep. Raul Grijalva of Arizona (D). What’s worth sharing is this page. It will show the progress of the bill. Luis Guitierrez is the head of the House Financial Services. This is where they clean the bill up. This bill would be the […]
Category Archives: national
National payday perfect storm is brewing
A few months ago, President Obama made it sound like he would systematically take care of everything wrong with America. One of those items is payday loans. Well, the economy sucks and if it does not get better, he’ll have bigger problems to deal with, like not getting re-elected. Now, there are a few bills […]
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A Criticism on over-reaching politicians
Recently, I’ve learned that the government is getting involved more deeply in financial regulation. Now, I’m all for leveling the playing field. My issue is this, as it pertains to payday loans. They want to install “common sense” rules. CRL president Michael Calhoun says that “A 36 percent cap on annual interest for consumer credit […]
Also posted in Congress
George McGovern on Economic Paternalism
Payday lending has become big. Now, it’s just a matter of taking sides to see who wins. for the middle 80%, these sides are dictated by the press. I came across an interesting post by Fitsnews.com. It centered around an op-ed done by former senator George McGovern. It’s worth reading his biography on Wikipedia, here. […]
Also posted in Congress
Congress may try and regulate payday loans….out of business
The House of Representatives are putting together a bill that would effectively cap interest rates at 36%. The AP News reports that several shares of publicly held payday and pawn lenders stock price took a hit for a second straight day. Anecdotally, most of the stock market has been taking a hit, so this news […]
Nevada Intenet Lenders Under Fire
Internet payday lenders received a setback recently. The FTC and the state are seeking to permanently bar 7 US companies (and 4 other British companies were named in the order) from “future violations”, whatever that means; and return any money made while allegedly using illegal collection tactics. Sound pretty vague, if you ask me. Last […]
I Tip My Hat to the Army
The government capped interest rates on the military at 36%. This basically eliminated payday lending to the military. The demand never went away, but it’s nice to hear that the Army is doing something about it. Actually, they’ve been loaning money to their soldiers for quite a while. This program is called the Army Emergency […]
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Payday loans playing the scape goat again
The Associated press released an article titled Brother, can you spare a payday loan? It’s pretty much making a case against payday loans. The point here is the hypocracy of it all. Many people do not have a problem with credit card balances and medical bills, but payday loans are somehow different. Notice in the […]
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Finally, an independant and reputable payday loan report.
This is an older post that’s been updated:“Instead of regulating prices charged on small, short-term loans, the authors argue that increasing competition will drive prices down” says Signe-Mary McKernan and Caroline Ratcliffe. This new report by the Urban Institute finds that if payday advances are eliminated they “could be replaced by alternatives that make families […]
Payday lenders up on analyst upgrade
Analyst Henry Coffey Jr. thinks that President-elect Obama is going to be too busy with the economy to focus on payday lending. Investors seem to agree with him. EZ Corp and Cash America shares rose on his announcement.
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