Bernanke Says the Answer to Payday Loans is Competition
Fed Chairman Ben Bernanke, testifying before the Senate Banking Committee today, said the best approach for reducing the reliance by consumers for payday loans is more competition. He further stated that banks and CU’s (credit unions) should be encouraged to develop and offer new products that could compete with payday loan “store-fronts”.
This makes the most [...]
Clinton Steps on His D$%^^& Again
So ex-president Bill Clinton, “also called on more governors to follow the lead of California Gov. Arnold Schwarzenegger (R) and former Arkansas Gov. Mike Huckabee (R) and reduce childhood obesity by bringing healthier lunches and more exercise to schools. He also urged states to go after pay-day lending operations, whose short-term, high-interest loans hit the poor [...]
Payday Loans & Indian Affairs
Senate Indian Affairs Committee hearing weighs testimony
WASHINGTON - A hearing of the Senate Indian Affairs Committee on predatory lending dwelt more on payday loans, and came with several cautions as to the difference.
Statistician Patricia Cirillo explained after the hearing that predatory loans - high interest rates and onerous terms, usually to people whose impaired [...]
Payday Loan & Check Cashers-Consumer Protectionists Know What’s Best for All of Us
Once again, the people who know what’s best for all of us have restricted our financial choices. We cannot continue to open payday loan and check cashing stores in Long Beach. So, Long Beach City residents will continue to pay the maximum fees prescribed by law for these services.
During the past several weeks [...]
Payday Loan ACH Processors Take Some Heat
Panic caused by rumors of the Feds attacking payday loan ACH providers began late last week! After MANY frantic faxes, emails and phone calls it appears the companies at risk are all off-shore payday
loan companies who lack Federal Tax ID’s and failed to file US tax returns. Questionable activities also include the potential lack of [...]
Payday Loan Lead Sellers Settle With FTC
Two payday loan lead sellers have agreed to settle Federal Trade Commission charges that their Internet advertising stated payday loan costs and repayment periods without disclosing annual percentage rate (APR) information as federal law requires. The settlements require the respondents to disclose APR information in similar payday loan ads in the future and to comply [...]
Florida Payday Loan Credit Services Organization Issues
The CSO or Credit Services Organization model for offering payday loans has been picking up steam in several states, most prominantly in Texas. There, the model has been confirmed by the courts and virtually every astute operator in Texas has adopted it.
If you’re not famialiar with the CSO payday loan model it essentially consists [...]
Payday Loan Companies Get Creative
We like the fact that the payday loan industry remains creative and optimistic about its future. Could that be because we interface with our customer every day thus gaining tremendous insight into their needs? Unlike those who continue to attack our industry without doing the work necessary to understand the payday loan industry and our [...]
