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

Posted By Rob Schofield On September 21, 2012 @ 7:54 am In Uncategorized | Comments Disabled

[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.”

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URL to article: http://pulse.ncpolicywatch.org/2012/09/21/barney-fife-wouldve-known-what-to-do-about-payday-lending/

URLs in this post:

[1] Image: http://pulse.ncpolicywatch.org/wp-content/uploads/2012/09/Barney-Fife.jpg

[2] an excellent editorial : http://www.newsobserver.com/2012/09/21/2356746/loans-need-nipping.html#dsq-content

[3] attempt to reintroduce predatory payday lending: http://www.ncpolicywatch.com/2012/08/28/its-baaaack/

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