New US agency may reshape payday loan landscape
Payday lenders are finding themselves in the Obama administration’s crosshairs as the president’s new financial regulator begins to flex its muscles following the recess appointment of the agency’s director, Richard Cordray.
Nearly 20 million U.S. households use payday lenders and pay roughly $7.4 billion in fees every year, Cordray told attendees at a Brookings Institution event.
Payday lending is one big piece of the Consumer Financial Protection Bureau’s responsibility that will include non-bank financial companies such as money transfer agencies, credit bureaus and private mortgage lenders.
“The consumer bureau will make clear that there are real consequences to breaking the law,” Cordray said. “Since most of these businesses are not used to any federal oversight, our new supervision program may be a challenge for them.”
But Jabo Covert, vice president of government relations for Cleveland, Tenn.-based Check Into Cash, said payday lenders already face multiple layers of regulation by states.
“There are already more regulations to get a $200 loan than there are to get a $100,000 car,” Covert said. “This is nothing but a political stunt by the president and some of the anti-business groups to claim that we are not regulated and need a regulator.”
Tennessee Sen. Bob Corker blasted the new agency this week, warning that the bureau has a budget of more than half a billion dollars, no congressional oversight, and would be controlled by one person with complete autonomy to regulate consumer and financial transactions.
“I strongly support consumer protections and am not opposed to eventually confirming a director, but not before putting in place a board-like structure and checks on rulemaking abilities to ensure the director is accountable and does not have unfettered power,” Corker said.
Check Into Cash officials note that they are already regulated by the Tennessee Department of Financial Institutions, the U.S. Federal Trade Commission and local agencies for each state in which it operates. The state agency says it regulates more than 1,200 payday lenders, dubbed “deferred presentment services companies,” across Tennessee.
licensed online payday loans - News
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Nearly 20 million US households use payday lenders and pay roughly $7.4 billion in fees every year, Cordray told attendees at a Brookings Institution event. Payday lending is one big piece of the Consumer Financial Protection Bureau's responsibility
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Licensed Payday Loans Online Companies In Idaho | bartinekspres ... 
Licensed Payday Loans Online Companies In Idaho | bartinekspres ...