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 spending millions and millions to spare themselves from tighter regulation while throwing the consumer lending industry under the bus,” he said. “They’re trying to divert attention to us.”
Comments
2 responses to “Payday industry fights back”
We certainly aren’t to blame, but I don’t believe that will stop banks from using our industry as a media diversion/scapegoat while simultaneously attempting to regulate us out-of-business (i.e. 36% APR!) in hopes of gaining back SOME of their perspective billion dollar NSF losses in the up-coming year.
our industry as a media diversion/scapegoat while simultaneously attempting to regulate us out-of-business (i.e. 36% APR!) in hopes of gaining back SOME of their perspective billion dollar NSF losses in the up-coming year.