The Community Financial Services Association -- the leading front group for payday lenders -- is ratcheting up its efforts to prevent states from extending tough new federal predatory lending protections for military families to all consumers. Today, it has announced some supposed new best practices including the notion of an extended payment plan. As Chris Conkey of the Wall Street Journal reports today (pd. subs. req'd):

Consumer advocates said they are skeptical the industry's modifications will make much difference to regular borrowers who routinely roll over multiple loans. "They just want to offer you a once-a-year, get-out-of-jail card in the hope that legislatures think that looks like reform," said Jean Ann Fox, consumer-protection director at the Consumer Federation of America.