Editorial Thanks Exiting Banking Secretary for Payday Loan Efforts
By J.J. CameronPayday Loan Writer
As Pennsylvania Banking Secretary, William Schenck, resigns, the Centre Times Daily thanks the appointee for two and a half years of hard work. The followig paraphrased editorial especially focuses on his efforts to curtail the instant payday loan industry …
Under Schenck's leadership, the state Banking Department went from "boring" (his words) to crusading, going after predatory loans and no fax payday loan lenders, and looking hard at the troubling foreclosure rates around the state.
The timing couldn't have been better: As the financial marketplace - especially companies that provide alternatives to established banks - has exploded, too many slimy operators have emerged who target those who need help most and who can least afford to get ripped off.
Although we disagreed with some of Schenck's strategies, we nonethleless are grateful for his tenure, particularly for elevating the consumer focus. We urge Governor Rendell to find someone who will continue to strenghten this mission. We will all be richer for [curbing payday cash advances in the state].
