Current work on Federal payday Loan Regulations being fought.
Date: Fri, 10/15/2010 - 18:35
washingtonpostdotcom/wp-dyn/content/article/2010/05/09/AR2010050902458.html
Payday lenders and check cashers fight financial reform legislation in Congress
Ylan Q. Mui [quote]Payday lenders and check cashers blanketed Capitol Hill last week to challenge the scope of the financial reforms under debate in Congress and combat the industry's reputation as the pariahs of the financial system.
During the "Hill Blitz" organized by the Financial Service Centers of America, a trade group, about 40 industry executives pushed to exempt check cashing from the purview of a proposed bureau that would oversee consumer financial products. Meanwhile, Democrats launched a new effort to contain the industry by limiting the number of payday loans that consumers can take out.
"There is a sense of urgency to get something done," said Eric Norrington, head of government affairs for [URL="http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=AACE&nav=el"]Ace Cash Express[/URL]. "We're sort of asking the question: Why are we even a part of this?"
That has become a common refrain in recent months as Congress considers the most extensive overhaul of the country's financial system in at least a decade. Though the bill, now under debate in the Senate, was crafted in response to the collapse of big banks, the wide-ranging reforms it would implement could touch a much wider array of businesses. [/quote]=snip=
Payday lenders and check cashers fight financial reform legislation in Congress
Ylan Q. Mui [quote]Payday lenders and check cashers blanketed Capitol Hill last week to challenge the scope of the financial reforms under debate in Congress and combat the industry's reputation as the pariahs of the financial system.
During the "Hill Blitz" organized by the Financial Service Centers of America, a trade group, about 40 industry executives pushed to exempt check cashing from the purview of a proposed bureau that would oversee consumer financial products. Meanwhile, Democrats launched a new effort to contain the industry by limiting the number of payday loans that consumers can take out.
"There is a sense of urgency to get something done," said Eric Norrington, head of government affairs for [URL="http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=AACE&nav=el"]Ace Cash Express[/URL]. "We're sort of asking the question: Why are we even a part of this?"
That has become a common refrain in recent months as Congress considers the most extensive overhaul of the country's financial system in at least a decade. Though the bill, now under debate in the Senate, was crafted in response to the collapse of big banks, the wide-ranging reforms it would implement could touch a much wider array of businesses. [/quote]
