“There’s no doubt consumers need protection but so do banks.”
“It will be a more proactive regulator, empowered to tackle problems before consumers are harmed and able to respond much more quickly to market developments.”
“In its letter, the law firm claims faith-based groups that circulate the petition to collect signatures could be in legal trouble in two ways. Those who circulate a petition “knowing it to be false” could be guilty of a Class A misdemeanor, punishable by up to a year in jail and a $10,000 fine.”
“One borrower’s poverty is a payday lender’s profit. The report finds that lenders “take at the very least $3.4 billion” from low-income communities every year in fees alone.”
“If you were to ask any of our 10,000 members if they want Missouri to eliminate their short-term credit options, they would tell you that, in this dismal economy, they would like policymakers to expand, not eliminate, the credit options available.”
“The bottom line on payday loans: Try to find an alternative. If you must use one, try to limit the amount. Borrow only as much as you can afford to pay with your next paycheck — and still have enough to make it to next payday.”
Attorney General Dustin McDaniel (Arizona) filed a lawsuit against Josh Mitchem (Missouri) and his companies: PDL Support LLC and Platinum B Services LLC because they allegedly violate the laws. McDaniel is strong in his conviction that these companies offer loans exceeding annual interest rates, Mitchem maintains that they are not payday lenders.
“These usurious practices are just as illegal when offered on the Internet as when they were offered from storefronts in Arkansas. “
http://www.bizjournals.com/kansascity/news/2012/01/24/arkansas-attorney-general-sues-over.html
“In the case of Walmart’s card, ATM transactions cost $2 each while a standard reload costs $3. There’s also a $3 monthly fee for carrying the card.”
“When a storm hits, and people are desperate and in need, you can’t charge $8 for a gallon of gasoline. We have anti-gouging laws and every day is like a hurricane when you are living on the edge,” said Stetson, an advocate for the poor.”
“Maine’s Sen. Susan Collins, who objects to Obama’s action, admits the goal of her colleagues’ refusal to allow a confirmation vote of any director was to keep the agency from functioning”