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Banking & Finance

CFPB wants repay ability at center of new payday loan rules

By TED CARTER Drawing from a doctrine applied to new rules for residential mortgages, the U.S. Consumer Financial Protection Bureau is proposing that payday lenders verify a borrower’s ability to repay before making a short-term, low dollar loan. Payday lenders now require that borrowers have both a source of income and an active checking account. But the CFPB wants to require ...

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Terminal upgrade on indefinite hold at Jackson International Airport

By TED CARTER Jackson Medgar Wiley Evers International Airport has shelved indefinitely a nearly $40 million renovation of its terminal and security check-in stations. Behind the project’s axing is management’s conclusion that the airport’s best fiscal strategy for the moment is to make money rather than spend it now and hope for a future payoff. Upgrades of the terminal’s food ...

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UPDATED: Bryant vetoes Common Core study panel bill, 3 other measures

Gov. Phil Bryant late Thursday afternoon ended any suspense over whether his signature would go on a Common Core bill supporters said was designed to kill use of the education standards in Mississippi. Bryant disagreed, and Thursday put his veto on Senate Bill 2161, saying the measure did not kill Common Core but merely created a commission to study it. ...

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Judge OKs Westin funding, cites ‘public purpose’ in tax money as debt collateral

By TED CARTER Hinds Chancery Judge William Singletary on Tuesday approved allowing $10 million of Jackson tax money to help backstop the debt for a $60 million Westin hotel planned for downtown. In giving a nod to a contribution agreement that pledged the public money, Singletary rejected local developer Don Hewitt’s argument that Mississippi Constitution prohibits using public money for private ...

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S.C., Georgia reported atop Volvo's list for new car plant

An article in The Atlanta Journal-Constitution Monday said  Volvo Cars is down to South Carolina and another unnamed state for its planned $500 million factory. Reuters reported the short list Friday, citing unnamed individuals. The second state, people with knowledge of the situation have told The Atlanta Journal-Constitution, is Georgia. The two states, they have said, have been the top ...

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Planters Bank promotes at 3 locations

Planters Bank and Trust, based in Greenville, recently announced eight promotions: » Parker England has been promoted to first vice president for the Greenville branch. England joined Planters Bank in November 2007. He graduated from Mississippi State University in 2001 and received his MBA from Mississippi State in 2002. He is a graduate of the University of Mississippi School of ...

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Mississippi economic index shows first rise since fall

Components of the Mississippi Leading Index, or MLI, collectively rose 0.6 percent in February, the first increase since October, state economists report. The value of the index increased 3.9 percent from the previous February, according to the April issue of Mississippi’s Business, an economic monitoring newsletter published by the University Research Center, an arm of the Mississippi Institutions of Higher ...

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Source: McCullough a leading candidate for MDA job

        By JACK WEATHERLY Glenn L. McCullough Jr., former mayor of Tupelo and chairman of the Tennessee Valley Authority board, is a leading candidate to become executive director of the Mississippi Development Authority, according to a source familiar with the situation. McCullough said in a telephone interview with the Mississippi Business Journal  Thursday afternoon that “the MDA is very important ...

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COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)

EDITOR’S NOTE: Commercial Finance 701 is a continuing series on commercial loans written exclusively for the Mississippi Business Journal.  This series is geared to lenders, developers, investors and transactional attorneys. Sir Thomas More, the obstinate attorney who — literally — lost his head over religion, is often misquoted as suggesting the profession of lawyers is “to disguise matters.” Though hardly descriptive ...

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TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?

By JACK WEATHERLY  Is Mississippi better off than it was three years ago? That’s a fair enough question when it comes to measurable matters such as jobs created and money invested. The answer is: depends on whom you’re asking. And what you’re asking. When the Mississippi Development Authority announced April 8 that Brent Christensen  was resigning his job as executive ...

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