Payday lobbying paying off - Cash Converters
Speaking at the company’s annual general meeting today, group legal counsel Michael Cooke said the company doesn’t expect to know the final shape of the Government’s proposed new legislation until later this year, but the company is confident its views are being heard in the corridors of power in Canberra.
The Federal Government wants to introduce new changes to the National Consumer Credit Protection Act which would limit the amount payday lenders can charge customers in fees and interest, and would tighten regulation of the industry.
While generally supported by social welfare groups, the proposals have been met with stiff opposition from the short-term lending industry. Cash Converters shares crashed 40 per cent after the reforms were announced in August, and the company is yet to recover to earlier levels.
But Mr Cooke said the Federal Government’s decision to have the proposals examined by two Parliamentary committees meant that new legislation has almost certainly been delayed until next year, and makes the company hopeful its lobbying efforts are working. He said the industry is unlikely to see the final shape of new legislation until at least December.
“It would be nice to remove uncertainty, but the fact that we’ve got this period of consultation and uncertainty we feel indicates that we’re getting traction in terms of our lobbying, and in terms of what we feel is a fair outcome,’ he said.
The payday lending industry has splashed out on a public relations and lobbying campaign since the shape of the proposed reforms were announced in August.
According to records posted on the Federal Government’s lobbyist register, Cash Converters alone is employing three separate lobbying firms – GRA Everingham, Hawker Britton, and ECG Advisory Solutions.
The payday lending industry association, the National Financial Services Federation, has engaged the former chief of staff to Prime Minister John Howard, Grahame Morris, and two other payday lending companies have also engaged separate lobbying firms.
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It reports that borrowers are indebted for 160 days on average and that a typical Kentucky payday borrower was “trapped in 10 payday transactions in 2010.” Several states have imposed curbs on short-term interest for payday loans, and the federal
CAP DOESN'T FIT: Cash Converters chief executive Peter Cumins says the new draft laws amount to a prohibition on small loans. Source: Supplied LOBBYING efforts by payday lenders opposed to new Federal Government regulation of the industry are gaining
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