DAILY NEWS

  • 8 February 2010, 4:28 pm Public hearing tomorrow in Wisconsin
    From the story: The Social Development Commission is holding a public hearing on Tuesday on pending legislation regulating payday lending in Wisconsin. The hearing will take place from 4:30 to 8 p.m. at the Washington Park Senior Center, 4420 W. Vliet St., Milwaukee.
  • 8 February 2010, 4:18 pm Don’t lecture Kentuckians
    CFSA’s Board Chair D. Lynn DeVault has an oped in the Louisville Courier Journal: The national Center for Responsible Lending (CRL) has been labeled a “Predatory Charity” by the Consumer Rights League because it is a front for financial institutions that compete with payday lenders but themselves prosecute low-income customers who can’t repay high-interest loans. CRL [...]
  • 8 February 2010, 2:12 pm They obviously don’t get it
    This Missouri editorial touting recently introduced legislation is silly. It advocates a 36% rate cap and then goes into lauding a bunch of other details as if they matter. A 36% rate cap is a ban. Who cares about the other details?
  • 8 February 2010, 12:56 pm Left goes after Dodd
    Check out this “news” release: Consumer Watchdog called on Senate Banking Committee Chairman Christopher Dodd to re-affirm his commitment to an independent consumer financial regulator today after the nation’s largest bank announced it would not oppose the agency. —————– In the letter to Senator Dodd, Consumer Watchdog wrote: “Abandoning an independent consumer financial regulator is not a small compromise, [...]
  • 8 February 2010, 12:51 pm “Snowmaggedon”
    Sorry for the light blogging the last few days. As you may know, the Payday Pundit lives in Washington, DC and we were hit with a wee bit of snow. Between scrounging for food, digging out, watching the Superbowl and hiking to work (can’t even see my car under the snow), blogging was slow.
  • 8 February 2010, 9:10 am No hope for bipartisanship?
    From today’s American Banker: Though Senate Banking Committee leaders said Friday that negotiations on a regulatory reform bill had reached an impasse, the situation was not as dire as it appeared, analysts and congressional aides said. The very public breakdown in talks was an attempt by Chairman Chris Dodd to gain leverage in the talks, which have [...]
  • 8 February 2010, 8:44 am Well said
    CFSA’s witty and erudite spokesperson, Steven Schlein, makes the case for payday loans in Michigan’s Herald Palladium: Schlein, of the industry lobbying organization, argues that for loans under $700, payday loan fees are more economical than risking overdraft fees, which can be as high as 10,000 percent. Schlein said customers take out payday loans to avoid [...]
  • 8 February 2010, 8:38 am PDL “low priority” for Iowans
    More important things to worry about.
  • 8 February 2010, 8:33 am Three weeks away
    CFSA’s annual meeting at the La Quinta Resort in Palm Springs.
  • 8 February 2010, 8:31 am Pretty funny
    Yet, thoughtful. Colts Super Bowl “Champions” T-shirts are being sent to Haiti according to Walletpop.
  • 5 February 2010, 5:06 pm Regulators to ease criticism of small biz loans
    The National Credit Union Administration on Friday joined federal and state banks and thrift regulators in a message meant to emphasize "that financial institutions that engage in prudent small business lending after performing a comprehensive review of a borrower's financial condition will not be subject to supervisory criticism for small business loans made on that basis."
  • 5 February 2010, 5:00 pm Startups strong despite economy
    The desire to own a small business hasn't dwindled, even in today's economy. About 600,000 businesses are formed every year; roughly half will fail within their first five years. These strategies can help make your small business a success.
  • 5 February 2010, 5:00 pm New 'hot topics' compliance session slated for Feb. 11
    Pressing credit union compliance issues will be the subject Thursday of a CUNA audio conference. Through this audio conference, credit union compliance professionals can learn about the current hot topics and will have an opportunity to ask questions of the panel.
  • 5 February 2010, 4:55 pm First hearing held on Ohio's public deposits bill
    The first hearing on state legislation to allow Ohio credit unions to accept public funds was held Wednesday in the Ohio Statehouse, according to the Ohio Credit Union League.
  • 5 February 2010, 4:46 pm Va. House committee passes league's sub for merger bill
    Virginia's House Commerce and Labor Committee Thursday unanimously voted in favor of substitute language for a bank/credit union merger bill, transforming it from a merger and acquisition bill into a charter choice bill for state-chartered credit unions.