Cheaper By The Dozen

The watchdog organization Campaign for Accountability has filed a complaint with the Office of Congressional Ethics requesting an investigation into whether 11 members of the House illegally colluded with the payday lending industry. Their complaint stems from a report titled “Cheaper by the Dozen” released on September 30th. The report shows how the lawmakers in question took formal action in favor of the payday lending industry within ten weeks of receiving campaign contributions from payday executives and industry PACs. According to Allied Progress, the timing surrounding the campaign contributions “raises a serious question of whether they were made as a quid pro quo for official action.” Read the coverage here

Stop the Debt Trap, Payday in the News

Yes, Payday Borrowers Are Forced to Take out More Loans
US Representative Linda Sanchez writes in the American Banker, “These predatory payday loans are misleadingly marketed to cash strapped borrowers as a one-time quick fix for their financial troubles. In my work representing California’s 38th congressional district, I have seen the real-life impact these loans create on hardworking men and women struggling to make ends meet.”
100 Editorials Against Payday Lending
Thanks to California Reinvestment Coalition’s work keeping track of payday lending editorials, we are pleased to say that as of October we have surpassed 100 published editorials in support of payday lending reform. CRC first started tracking mentions of payday lending reform in September 2013 and finally on Oct. 15, Utah’s Desert News published #100. Check them out here!

The Real Wolves of Wall Street

AFR’s Jim Lardner on congressional attempts to change the leadership of the Consumer Financial Protection Bureau from a single chairman to a commission: “The real impetus comes, very obviously, from the financial industry lobby which wants the change because it will make it easier for banks, payday lenders, and debt collectors to engage in unfair, deceptive, and abusive practices.”

The Pit of Despair

AFR’s two-dimensional art piece “the Pit of Despair” traveled to Detroit Michigan for Michigan United’s annual conference. This “street theater” illustrates the hazard short-term, high interest loans present to working families. The conference attracted over 400 attendees including labor groups and legislators such as US Representative Debbie Dingell and a multitude of state senators and representatives.

NJCA Education Fund’s Financial Reform Summit IV

On October 16, New Jersey Citizen Action Fund hosted its sixth financial reform summit “Protecting Economic Opportunities for All in an Unjust Economy” with panels about Challenges of Consumer Protection (The CFPB in Year 5) and The CFPB’s Role to #StoptheDebtTrap. Headline speakers included Senator Robert Menendez, and Rep. Frank Pallone.