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U.S. Sen. Bob Corker , R-Tenn.., said Wednesday he believes Senate negotiators are close to a bipartisan agreement over a new set of financial industry regulations.But proposals for federal controls over non-bank lenders continue to spark debate between payday lenders such as Check-Into-Cash Inc., in Cleveland, Tenn., and critics of the $6.5 billion-a-year payday lending industry.Mr. Corker, the …

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Financial Times

Costly Cash: Don’t Expect Federal Regulators to Protect You From Payday LoansDailyFinanceDurbin’s bill called for a 36% interest rate cap on these loans. And Gutierrez said in a statement that the “status quo in the payday lending industry is …The CFPA Won’t Have Power Over Payday Lenders? Atlantic Online (blog)The payday lender CFPA carve-out Ethiopian ReviewTAKE ACTION THIS WEEK ON BANKING! Center for Media and Democracy (blog) Financial Times  - Daily Kos (blog)  - National Journal (blog)all 21 news articles »

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Los Angeles Times

The Payday Lender Senator: Corker of TennesseeAllGovThe payday loan industry was a part of the new plan until Corker convinced Senator Christopher Dodd (D-Connecticut), chairman of the Senate Banking …Payday lenders may avoid US oversight Los Angeles TimesFinance Reform Bill May Exempt Payday Lenders New York Times (blog)Corker shaping payday loan rules in financial reform package Chattanooga Times Free Press The News Journal  - BusinessWeek  - NewsHourall 251 news articles »

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webmaster@technorati.com wrote an interesting post today on
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Los Angeles Times

Corker shaping payday loan rules in financial reform packageChattanooga Times Free PressRichard Durbin, D-Ill., is pushing a separate measure to cap the interest rate for payday loans to no more than an annual rate of 36 percent. …Payday lenders may avoid US oversight Los Angeles TimesFinance Reform Bill May Exempt Payday Lenders New York Times (blog)Corker Donor Could Benefit From Payday-Loan Exemption BusinessWeek NewsHour  - TPMMuckraker (blog)  - Reutersall 100 news articles »

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webmaster@technorati.com wrote an interesting post today on
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Consumer advocates hoped the lenders would be reined in by a new federal consumer financial protection agency, but a bipartisan proposal would largely exempt them from regulation. Payday lenders didn’t cause the economic crisis, but consumer advocates hoped their sky-high interest rates on loans would be reined in as part of a sweeping regulatory overhaul to prevent a repeat of the financial …

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