Tag Archives: payday lenders

Payday lending legislation may go nowhere

I can’t say I’m surprised, since Sen. John Carona’s most recent version of a payday reform bill was not met well by advocates for consumers and the poor. Among other things, Carona’s proposal would limit the maximum size of loans … Continue reading

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It’s good to be a payday lender

Bleah. Earlier this legislative session, a chief of staff for a senator noted that the $4 billion Texas payday and auto-title loan industry would soon grow powerful and lucrative enough that the Texas Legislature would be unable to take it … Continue reading

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City wants the Lege to deal with payday lending

That’s what came out of the presentation to Council on payday lending on Tuesday. Houston leaders say they will wait to see whether the Legislature acts during its current session before voting on their proposal. Mayor Annise Parker has said … Continue reading

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Payday and title loan regulation in Houston

From Nonsequiteuse, who got the following email in her inbox: Proposed City of Houston Lending Ordinance Presentation to Council Committee Tuesday, February 5, 2013 The City of Houston Legal Department has proposed new regulations for credit access businesses, commonly referred … Continue reading

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The payday lenders won’t go without a fight

Where there’s a fight, there’s sure to be lots of money. Payday lenders were big spenders in the most recent Texas political campaigns – contributing more than $1.6 million to state races in the 2012 election cycle and giving most … Continue reading

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I’ll continue to demonize the payday lending industry, thanks

Lawrence Meyers, a shill for the payday lending industry, has a sad. [Loren] Steffy claims in his blog post (“Will lawmakers finally rein in paydayl lenders,” chron.com) that PDLs are “inherently predatory,” yet a loan cannot be predatory if choices … Continue reading

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The payday lenders’ new tricks

You really need to read Forrest Wilder’s story about the latest scheme by payday lenders to skirt regulation. As serendipity would have it, I had stumbled onto the latest mutant creature in the wild and wooly world of Texas payday … Continue reading

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The Lege will take another crack at payday lending

I’m glad to see this, because the Lege definitely left business unfinished last time. About 83 percent of customers in Beaumont and 75 percent in the Houston and San Antonio metro areas are locked in a loan renewal cycle, latest … Continue reading

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Local action on payday lending

Patricia Kilday Hart reports on a promising movement. No one was particularly surprised a year ago when the Texas Legislature failed – once again – to pass meaningful regulation of the payday and auto title loan industries. After all, the … Continue reading

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Crowdsourcing legislation update

Back in October, I noted an effort by the Texas Senate Committee on Business and Commerce, which is presided over by state Sen. John Carona, to crowdsource its upcoming hearings on payday lending. The Statesman has a report on how … Continue reading

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The CFPB and payday lending

This ought to be good. Picking his first public fight with the banking industry, Washington’s top consumer cop, Richard Cordray, promised on Thursday that his examiners will scrutinize a handful of big banks that make high-cost loans. Inspection of major … Continue reading

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Payday lenders face new regulation

New regulations aimed at curbing the excesses of payday lenders are now in effect, but they will not be the last word on the subject. Proponents of the new regulations passed by lawmakers during the 2011 session say they’re needed … Continue reading

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Crowdsourcing legislation

Perhaps the wisdom of crowds might help shape better legislation. It’s worth a shot. [Steven] Polunsky is the director of the Texas Senate Committee on Business and Commerce, which is presided over by state Sen. John Carona, R-Dallas. In anticipation … Continue reading

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Watered down payday lending bills pass Senate

It’s inadequate, but it’s the best we’re going to get out of this Legislature. Senators took the plunge into payday lending reform Monday, passing two House bills that bring some oversight to the largely unregulated industry in Texas. Sen. John … Continue reading

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Lege gets set to tackle payday lending

The good news is that the Lege is ready to tackle legislation dealing with the scourge of payday lenders. The bad news can be summarized by the following remarks in this Chron story. This week, State Rep. Vicki Truitt, R-Keller, … Continue reading

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Payday lending bills advance

Good. Legislation by Sen. Wendy Davis of Fort Worth that would cap fees and interest on loans made by payday and car title lenders was approved Thursday by the Senate Business and Commerce Committee. The bill, which now heads to … Continue reading

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It’s way past time to regulate payday lenders

From the Observer: As an industry, when you’ve got Tom Craddick, consumer groups, the Midland County District Attorney and Bible-quoting Baptists arrayed against you, most likely you’re facing a serious come-to-Jesus moment. Today, a House committee heard hours of impassioned … Continue reading

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