- The Progressive Pulse - http://pulse.ncpolicywatch.org -

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

[1]Raleigh’s News & Observer gets it on the money this morning in an excellent editorial [2]about Regions Bank’s attempt to reintroduce predatory payday lending [3] 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.”