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Duke Energy CEO Jim Rogers delivered a threat to Charlotte and state officials this week about the future of the company’s headquarters in NC. Rogers was discussing implications of the outcome of the NC Utilities Commission’s (NCUC) investigation into the morass surrounding the merger. According to the News and Observer, Rogers was speaking at a conference out of state. He noted that if the merger inquiry findings are not favorable to the company, Duke may choose to relocate out of state. A Duke spokesperson quickly emphasized that this was not a threat to leave NC, but it sure sounded like one. Read More

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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.”

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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.    

 

Today’s edition of Raleigh’s News & Observer includes a column I wrote regarding one of the myriad shortsighted cuts included in the House version of the 2013 state budget that’s been emerging on Jones Street in recent days.

In another classic case of conservative ideology trumping common sense, the proposed Justice and Public Safety budget would eviscerate the Attorney General’s Office of Consumer Protection by ending state funding and forcing the lawyers there to become “receipt-supported.” That’s a fancy way of saying Read More