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CFPB director Richard Cordray

The parent company of payday lender Speedy Cash has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol CURO, with Credit Suisse listed as left lead underwriter. The Kansas-based company reports $33 million of net income of $442 million of revenue for the first half of 2017, and is owned by private equity firm FFL Partners.

Tricky timing: This filing comes just weeks after the Consumer Finance Protection Bureau issued strict new rules on payday lending, with most provisions slated to become effective in mid-2019. If not overturned by Congress – or rescinded by whoever follows Richard Cordray as CFPB boss – these regulations would eventually eat into both Speedy Cash's top and bottom lines, even if they also prompt industry consolidation.

Ridiculous rates: Per its website, Speedy Cash charges $273.01 in fees on a $500 online installment loan in Nevada (where your humble correspondent is this week, for the Money 20/220 financial tech conference). That works out to a whopping APR of 438.78%, and assumes all payments are made on time over a 77-day period. The APR on an online, 14-day payday loan of $500 in Nevada works out to 651.79%, or total payback of $625. In-store Nevada APR rates are around 460%.

Go deeper

6 hours ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

7 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

8 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.