Payday Lending "Crack Down"

Color me "Not Shocked" by the news that when it comes to "cracking down" on payday lenders, the municipalities leading the crack down are located in the San Francisco Bay area and in the last hippie commune south of the Red River: Austin, Texas. In the land of fruits and nuts, cities are engaging in such tactics as limiting the distance between payday loan shops, while in Left Texas, payday lenders are now required to (gasp) register with the city and are subject to other minor restrictions on their activities, and may also soon be subject to "spacing requirements." I doubt that any of these ordinances will do much to slow down money-making by payday lenders, but they obviously give city officials a warm and fuzzy feeling that they're doing something to save those folks too beaten down and/or ignorant to save themselves. No word yet on what these same municipalities will do about the new 75-cent surcharge on bank customers' use of the word "bank."

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