DAILY NEWS

  • 9 July 2009, 4:33 pm CFSA responds to CRL
    Statement of D. Lynn DeVault, board chair of Community Financial Services Association of America: “Center for Responsible Lending cannot seem to look at data and apply a common sense analysis. Let’s be clear about the demand for payday advances. Consumers find themselves with an urgent need to pay a bill before payday. They survey their choices—payday [...]
  • 9 July 2009, 3:10 pm We’ve been saying this for years
    A columnist at The Examiner has picked up on our meme.
  • 9 July 2009, 1:31 pm Getting media attention
    That’s what the Center for Responsible Lending is best at. It has a new report out today. We haven’t reviewed it carefully, but CRL’s previous use of regulator data has been disputed by the firm that collects the data. We’ll have more on today’s report later, but this is what was said when CRL last [...]
  • 9 July 2009, 1:10 pm “Clueless”
    Larry Meyers weighs in on Errol Louis’ Daily News column discussed below: Once again, Mr. Louis chooses to buy into the rhetoric of an anti-capitalist organization whose primary spokesman was made to look a fool at the Gutierrez Subcommittee hearing. Mr. Louis seems to consider that someone who needs to pay for a child’s doctor visit, [...]
  • 9 July 2009, 11:24 am Comment of the Day II
    Regarding the story below: What about a Wal-Mart that cashes checks? Or a Grocery store that does also? Or perhaps a gas station that might?
  • 9 July 2009, 9:09 am We’re dumbfounded
    North Kansas City is trying to revitalize the “Burlington Corridor.” Only thing is, they don’t want businesses to locate there, at least some businesses. From the story: The corridor study was designed to look into possible future land uses along Burlington to make the area as viable as possible. It could recommend rezoning or other changes. The [...]
  • 9 July 2009, 8:59 am “Excessive use of tellers”
    WTOP Radio in Washington, DC catches up to the “hidden bank fees” story. The Payday Pundit didn’t know about this one: 5. There are “scattered reports” of “excessive” use of tellers, according to The Wall Street Journal. “Some banks give you two free teller visits per month, but charge you after that — say, $2 or [...]
  • 9 July 2009, 8:52 am The vanishing fixed rate credit card
    From the Wall Street Journal: Nearly all of Bank of America’s fixed-rate cards will be converted to a variable rate. The exceptions: some student accounts, accounts in debt-assistance programs and some newly opened accounts, says spokeswoman Betty Reiss. At BofA, customers will not be able to opt out of the changes, which they will start to [...]
  • 9 July 2009, 8:48 am It’s not right
    Why do pawnbrokers have a patron saint but payday lenders don’t? From the story about Oregon Catholics making a pilgrimage to Italy: Sidetrips will be made to the Adriatic coastal city of Bari, home of the shrine of St. Nicholas, patron saint of sailors, unmarried women, pawnbrokers and perfumers. Perfumers?
  • 9 July 2009, 7:25 am Comment of the Day
    A reader supports “the People’s Bank.” Sounds great to me. $1000 I don’t have to repay and after five years I get to do it again. Where do I sign up?
  • 8 July 2009, 11:02 pm Regulator commends CUs' efforts in Calif. budget crisis
    While California's banks are denting their image from playing hardball on registered warrants--IOUs stemming from the state's budget crisis--credit unions received commendation from their federal regulator for their flexibility in working with the IOUs.
  • 8 July 2009, 7:39 pm CUs fill void as student-loan lenders retrench
    Credit unions' student lending programs have gained the attention of The Chronicle of Higher Education. With traditional student loans in short supply as lenders retrench, credit unions are stepping into the opportunity of private student lending, Credit Union National Association Senior Economist Mike Schenk, told the publication
  • 8 July 2009, 7:37 pm Frank's consumer protection plan has CRA difference
    House Financial Services Committee Chairman Barney Frank (D-Mass.) introduced a bill Wednesday that would enact President Obama's plan to strengthen consumer protections as a part of a broader financial regulatory restructuring.
  • 8 July 2009, 6:30 pm No interchange fees in Senate appropriations bill
    A Senate appropriations subcommittee, as expected, voted on the Financial Services Appropriations Act for fiscal year 2010 and no amendment was offered to impose restrictions on interchange fees--the bill was approved with no interchange language.
  • 8 July 2009, 5:57 pm Harvard researchers extol CUs' cards practices
    Two Harvard researchers, using their independent research, recently extolled the virtues of credit unions' credit card practices in an op-ed item in The New York Times.