From today’s Washington Post:
Payday lenders and check cashers blanketed Capitol Hill last week to challenge the scope of the financial reforms under debate in Congress and combat the industry’s reputation as the pariahs of the financial system.
During the “Hill Blitz” organized by the Financial Service Centers of America, a trade group, about 40 industry executives pushed to exempt check cashing from the purview of a proposed bureau that would oversee consumer financial products. Meanwhile, Democrats launched a new effort to contain the industry by limiting the number of payday loans that consumers can take out.
Reuters economic blogger Felix Salmon notes the inherent ridiculousness of passing “regulatory” legislation that would specifically exempt some of the worst offenders.