Payday Reform News: October 25 – 28


October 25, Grand Rapids Herald Review: Op/Ed: CFPB Should Strengthen Its Payday Loan Rules
This opinion piece by Senator Al Franken (D-MN) includes a borrower story and urges the CFPB to crack down on the payday lending industry. The author commends the CFPB for the positive portions of the proposition, but also points out its flaws.
More Coverage:
Yahoo Finance: OP/ED: CFPB Should Strengthen Its Payday Loan Rules

Partner Blogs and Releases:

Cooperative Baptist Fellowship: Payday lenders as modern-day loan sharks and the fight by people of faith to #StopTheDebtTrap

Top Stories

October 28, Argus Leader: Meet the Candidates: District 17
In an interview with the Argus Leader, South Dakota House Representative Candidate Mark Winegar stated in interview that one of the ballot measures he feels most strongly about is voting ‘yes’ on Initiated Measure 21.
More Coverage:
Argus Leader: Letter: Re: Election, What is the Truth?
KSFY: Supporters Paint Pumpkins to Clarify Initiated Measure 21
Argus Leader: Meet the Candidates: District 25
The Washington Times: Excerpts from Recent South Dakota Editorials

October 27, The Huffington Post Blog: “Underbanked” Report Shows Need for Postal Banking
According to a recent report by the FDIC, 9 million Americans do not have bank accounts. The author discusses how this opens up doors for predatory lenders, and cites research reports by CRL.

October 26, River Front Times: Jane Dueker Totally Took Money from Payday Loan Industry. She Just Forgot
After insisting several times that she was not involved with payday lenders and had never taken money from them, candidate Jane Dueker admitted to forgetting that she had defended a payday lending company in court.
More Coverage:
St. Louis Post-Dispatch: Ethics Spat Over Payday-Loan Industry in St. Louis Takes Another Turn

October 26, Texas Tribune: Dallas County Sees Cluster Competitive Texas House
Rodney Anderson runs against Terry Meza in the race for Representative of Dallas District 105. Meza has criticized Anderson for accepting campaign funding from payday lenders.

October 26, The Houston Chronicle: Novice Challenges House Member
Running candidate and incumbent Representative Gary Elkins (Texas House District 135) is the president of a payday lending company, and opposed payday loan regulations in past legislative sessions. A few of his stores have violated current payday regulations.

October 25, Standard-Speaker: McGinty Can Be Effective in Senate
This article describes some of the views of Pennsylvania Senate candidates D-Katie McGinty and R-Pat Toomey. Toomey takes a pro-business approach to consumer protection, while McGinty has a more pro-union/pro-consumer view.

October 24, St. Louis Post-Dispatch: Editorial: Teresa Hensley for Missouri Attorney General
The author specifically highlights Democrat Teresa Hensley’s views on payday lending and consumer protection, which are more moderate than Republican Josh Hawley.

October 25, Las Vegas Sun: Ads Call Kihuen a ‘Payday Politician’, Rosen ‘Their Candidate’
Democratic congressional candidate Ruben Kilhuen is being portrayed in political advertisements as a ‘payday politician’ who ‘swims with the sharks’, because he previously worked for a firm that lobbied payday lenders, where he is currently on leave to run his campaign.

October 24, Weatherford Democrat: Texas Cities Cracking Down, Targeting Short-Term Lenders
Thirty-eight cities in Texas have put restrictions on short-term lending by setting the amount of the loan as a percentage of the borrowers’ income, and have restricted the amount of times the borrower can roll over a loan.