Biggest Banks Stepping Into Payday Arena
The big guns’ entry into payday lending may finally bring a fringe financial product out of the shadows and into the financial mainstream, despite howls of protest from consumer groups and the risk of tighter regulation.
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Reid loses cloture vote on financial regulation
The plan was for the financial-regulation reform bill to have a vote for cloture — that is to say, a vote to end debate and move to a final vote — at 2 p.m. today. But a handful Senate Democrats angry that their amendments haven’t been considered derailed that. At 3:15 p.m., Democrats called an emergency caucus meeting. About 30 minutes after that meeting, Majority Leader Harry Reid called for a cloture vote.
He lost; 57-42.
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SPECIAL ALERT: FRAUD UPDATE
The Online Lenders Alliance released the following alert to its members on December 16, 2009.
In yesterday’s newsletter, we reported on a Fraud Alert that involved online transactions using an ABA /routing number that is associated with the Federal Home Loan Bank of Indianapolis. The bank itself has been notified of the problem and we are awaiting their indication of any actions they may be able to take.
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