Effort to regulate payday loans made.

The California Bankers Association has suddenly found itself on the same side of a legislative issue as the Consumers Union.

Both groups have trained their barrels on the payday advance industry in California.

Payday advances are short-term loans made against a borrower's next paycheck.

The 2-year-old industry's future is in the hands of state legislators, who are being lobbied by bankers, consumers' groups and senior citizens to regulate payday loans and limit the fees that can be charged to borrowers.

State law already limits payday loans to a total of $300, with a 15 percent fee. But opponents point out that a 15 percent fee on a loan that must be repaid in 14 days is the …