The CFPA Bill, known as financial reform,” is very likely to pass. Lenders of all varieties will have business models scrutinized once the CFPA gets up and running. You can bet that under the Obama Administration, subprime lenders from auto financiers to pawn shops to payday lenders will be shot on sight. This will be particularly true if Elizabeth Warren, an outspoken critic of predatory lenders, is named to run the agency. Particularly vulnerable are Advance America (AEA), QC Holdings (QCCO), Dollar Financial (DLLR), Cash America (CSH), EZ Corp (EZPW) and First Cash Financial Services (FCFS).

Additional trouble for these companies exists in the near-term in the form of an amendment that Sen. Kay Hagan (D – NC) will attempt to attach to the bill. This will limit the number of short-term loans a customer can get to six in any twelve-month period. If the amendment fails, she’ll still introduce the measure as a stand-alone bill. [Read the full article]

Global Cash Access Holdings, Inc. (NYSE:GCA - News) (the “Company”) announced today that it has named David Lucchese as its executive vice president of sales. Mr. Lucchese joins the Company from Bally Technologies, Inc., where he was most recently the vice president of sales, games, and was previously the senior vice president of sales, systems.

“We believe that David outstanding experience in the gaming industry in both slot system and product sales will serve us extremely well” said Scott Betts, president and chief executive officer of the Company. “Our stated goals are to deliver on cashless product innovation and fully integrate cash access technologies on the gaming floor. [Read the full article]

A Greek Army self propelled Howitzer M109A2 fires a shell during a night training in Thiva, 80 km north of Athens on Thursday April 29, 2010. Greece's defense minister on Thursday promised "colossal" cuts in military operating costs to help the debt-ridden country emerge from its financial crisis and speed up plans to modernize the armed forces. (AP Photo/Dimitri Messinis)

Facing a dire choice of additional pain or bankruptcy, Greece on Friday heralded drastic new cuts and tax increases to win rescue loans from its European partners and the International Monetary Fund -- and avoid a disastrous default on government debt.

"The measures we must take, which are economic measures, are necessary for the protection of our country. For our survival, for our future. So we can stand firmly on our feet," Papandreou said in parliament. [Read the full article]

Choosing a college has always been stressful. But for members of the class of 2014--and their parents--there's an added wrinkle: Wondering whether the institutions they're interested in will run into financial trouble during the next four years that could result in big tuition hikes or drastic service cutbacks. Unfortunately, divining which schools are financially strong and which are not involves far more than simply sizing up permanent endowments. Harvard University is endowed with $25 billion, which is greater than Jamaica's gross domestic product. The problem is that Harvard had $36 billion before a host of risky investments turned sour. In part because of the school's poor investment performance, it has suspended the construction of a cutting-edge science center, laid off employees and, in a public relations nightmare, eliminated hot breakfasts from campus dorms. Discussing an institution's balance sheet doesn't usually come up on campus tours, and for good reason. [Read the full article]