These are a selection of photos that I made last week, during the June 2nd payday loan event held by the CFPB in Kansas City.
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I offer these decade-old testimonies to underscore why we don't want payday lending to come back to North Carolina.
One national non-bank lender is saying "no" to payday, auto title, and consumer installment loans.
Irate consumers talk about what it feels like to fall into the payday loan debt trap.
Moody's says that it may downgrade Community Choice Financial's debt. Community Choice Financial is the parent of CheckSmart, Cash & Go, Buckeye Title Loans, and Easy Money, among others. Moody's is concerned about the headwinds facing this heavily-indebted company. Moody's says it is a function of credit costs, but reading between the lines, Moody's anxiety also reflects how decisions by banks to disinvest in commercial relationships with payday lenders can quickly lead to challenges in the ongoing short-term high-cost consumer finance business model.
Community Choice Financial's Ted Saunders always has some interesting things to say.
Last Thursday, the CFPB presented a proposal for the regulation of payday lending to a SBREFA panel in Richmond. On Monday, a group of banks renewed their credit agreement with the Illinois-headquartered online lender. Yesterday, Enova went so far as to state their support for the CFPB's intentions.
Wherein I trace the dollars between Congress and the high-cost consumer finance industry.
Wherein I reflect on the CFPB's payday loan proposed rule, some commentary on yesterday's field hearing in Richmond, and how it squares with what I see in my home town of Durham.
In case you missed it, here is a copy of a page from the ACE Cash Express training manual.