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| Financial Reform In The Mortgage Industry |
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| Financial Reform: It Doesn't Go Far Enough Many businesses are not too happy with the new Financial Reform Bill. Some are of the opinion that the big banks should be regulated. Eric Norrington of Ace Cash Express asks "Why are we even a part of this?". Automobile dealers The National Automobile Dealers Association (NADA) and the International Car Dealer lobbied extensively to get an exemption from the Financial Reform Bill. They spent over $3.5 million from 2009 to the first quarter of 2010 in their efforts. They claimed that they were not lenders and that they did not service loans, therefore they deserve the exclusion. From my position, I believe that the Obama Administration missed the boat on this one. A car is the second most expensive item a family will purchase. Some families have 2 or more automobiles. Payday loans abuse poor neighborhoods. Studies have shown that high-cost payday lenders usually locate in poor and underprivileged neighborhoods. The interest rates charged can be as high as 400%. According to a recent report by the FDIC 53% of all black households use the services of a payday lender, a check-cashing store or a pawnbroker instead of a traditional bank. The figure was 43% in the Latino community. Financial reform will curb some of the abuses in this industry. Check cashing Cash-checking companies will also be regulated under the Financial Reform Bill. |
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