Uncategorized

Barney Fife would’ve known what to do about payday lending

Raleigh’s News & Observer gets it on the money this morning in an excellent editorial about Regions Bank’s attempt to reintroduce predatory payday lending in North Carolina.  

“We do not want North Carolina consumers subjected to payday loans,” [Attorney General Roy] Cooper said. “Payday loans are like a consumer needing a life preserver being thrown an anvil.” But it may be easier to complain about the bank than to do something about it.

Cooper defines what Regions is offering as a payday loan; the company characterizes it as money “intended to be used occasionally for emergencies.” For his part, Cooper wants to stop it, but the out-of-state charter held by Regions – and the fact that this is an online offering – complicate the attorney general’s position from a legal standpoint. Still, he should keep working on the issue with an aim to, borrowing from legendary lawman Barney Fife, “nip it … nip it in the bud.”

Check Also

Editorial: Failure of Trumpcare shows need for NC to expand Medicaid now

This morning’s best editorial from a major North ...

The Latest Stories from NCPW

Today at 1:00 p.m., the North Carolina Senate Finance Committee will take up the Senate’s latest tax [...]

The post Good ideas threatened by calls for more tax cuts appeared first on NC Policy Watch. [...]

The post Moore, Berger say they have HB2 “agreement in principle” but Cooper denies deal appeared fi [...]

You probably missed the news that the members of the overwhelmingly Republican state Senate finally [...]