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

Editorials: Trump backs down, but GOP continues to block real immigration solutions

Be sure to check out the editorials from ...

Top Stories from NCPW

  • News
  • Commentary

GOP lawmakers want North Carolinians to make sweeping, permanent changes to the state Constitution a [...]

The lump started small and hid behind her ear. Harmless, the doctor said, nothing to worry about. So [...]

The Senate voted along party lines Tuesday night to overturn a partial judicial redistricting bill i [...]

Viola Williams has been crunching numbers and working out possible solutions since last week, when t [...]

From 1999-2016, opioid-related overdose fatalities increased by more than 800 percent in North Carol [...]

Would that North Carolina lawmakers had been so direct as “Pitchfork Ben” Tillman, a virulent white [...]

“I’m speechless.” So began the heartfelt lament of Rep. Verla Insko (D-Orange) late last Friday afte [...]

The post SB 711 – The pig’s roast appeared first on NC Policy Watch. [...]