Today's WSJ offers the story of how one payday lender is fighting the FPB – by enlisting its customers. According to the article, Amscot Financial Inc. "rounded up about 600,000 letters from customers protesting (the CFPB's) plan to clamp down on high-interest loans." Many of the letters were handwritten, the article states.
Payday lending is a much less splintered industry than buy-here, pay-here. It is also one that has taken a much more active role in battling regulation. Maybe this business could learn a few lessons.