Uncategorized

More on the attempt to bring back payday lending to NC

As reported on the main NC Policy Watch site last week (It’s baaaack: Troubled Alabama bank tries to sneak payday lending back into North Carolina) at least one bank (Regions Bank out of Alabama) is trying to bring payday lending back into North Carolina after state lawmakers, regulators and advocates chased the practice away more than a decade ago.  

Mark Binker over at WRAL had more on the story over the holiday weekend, including the fact that a much larger and more respectable  institution, SunTrust Bank, may be considering doing its own shark impression as well. Let’s hope that SunTrust and others come to their senses and realize that payday lending is bad news for the state’s consumers and bank reputations.    

 

2 Comments


  1. Clark Reilly

    September 4, 2012 at 7:52 pm

    Dear Rob:

    I think it’s interesting the way you criticize payday lenders, yet you don’t seem to be aware of a comprehensive study from 2008 that shows North Carolinians are worse off without payday loans.

    http://www.newyorkfed.org/research/staff_reports/sr309.html

    I wonder if you have the intellectual honesty to address the study’s findings in detail. Whenever I bring this and other studies to the attention of payday opponents, they have this curious response of claiming they are “too busy”, or “the study is invalid” without explaining why, or saying “you obviously have your mind made up”. I’ve always regarded these as dodges for obvious reasons. If you have the time to make a blog post, why don’t you have the time to address valid criticisms of your position?

    For once — just for once — I’d really like to see an opponent like yourself step up to the plate and defend your position against evidence that pretty much contradicts your entire argument.

    http://www.bloggernews.net/128488

    Thank you for your kind consideration.

    Clark

  2. Rob Schofield

    September 5, 2012 at 8:15 am

    And for once, just once, I’d love to see a paid industry flak who posts on our site in defense of payday loans who admits who they are and acknowledges his or her personal financial interest in defending the practice.

Check Also

Senate will vote today on right-wing blogger nominated by Trump for court of appeals

The full U.S. Senate is scheduled to vote ...

Top Stories from NCPW

  • News
  • Commentary

When Gov. Roy Cooper visits Wilmington on Monday, it's unlikely that he will be greeted by the [...]

When Gov. Roy Cooper signed the Strengthen Opioid Misuse Prevention or STOP Act into law last month, [...]

Support for needy districts and key positions within North Carolina’s top public school agency may b [...]

Wilmington is bustling this summer. Downtown, horse-drawn carriages take tourists along the riverfro [...]

It’s not an original thought to point out that the Trump Administration is a larger version of what [...]

Why this is not “business as usual” and should not be condoned Sometimes all one can do is stand and [...]

5.0---percentage of overall state spending in the 2017-2018 budget passed by the General Assembly as [...]

The post A legislative addiction appeared first on NC Policy Watch. [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more