With Deadline Looming, New Ads Push Key Members of Congress to Defend CFPB Payday Rule
Six Figure TV Ad Buy Encourages Members of Congress in Iowa, Kansas, Maine, and Texas to Oppose Efforts to Repeal the Consumer Financial Protection Bureau’s Important Payday Lending Rule
WASHINGTON, D.C. – Today, consumer watchdog organization Allied Progress launched a six-figure television ad campaign in Iowa, Kansas, Maine, and Texas calling on U.S. Reps. Rod Blum (R-IA), Kevin Yoder (R-KS), Bruce Poliquin (R-ME) and Pete Sessions (R-TX), to oppose legislation that would gut the Consumer Financial Protection Bureau’s (CFPB) important new rule reining in the worst abuses of payday lenders. The deadline for Congress to act on the legislation is fast approaching.
“The payday lending industry is about one thing and one thing only – pushing those who can least afford it into cycles of debt that are nearly impossible to escape. In the days ahead, members of Congress will face an important test: will they stand up for consumers and their constituents or will they gut these important protections and let predatory lenders off the hook?,” said Karl Frisch, executive director of Allied Progress.
He continued, “It is hardly surprising that polls show payday lenders are almost universally despised. What is surprising – even bizarre – is seeing so many D.C. politicians tripping all over themselves to help such an unpopular industry. The truth is, payday lenders wield tremendous power not only over those they are able to ensnare with their risky financial products, but also over the levers of power in Washington. If these members of Congress vote to strip away these important consumer protections, we will know exactly why.”
The one-week ad buy begins Thursday, May 10 on broadcast and cable television. It follows the release of a special report from Allied Progress documenting how more than a dozen members of the U.S. Senate and House (from both parties) took thousands of dollars in campaign contributions from payday lenders within days of taking official actions to benefit the industry. The conspicuous timing of the contributions prompted government watchdog group Campaign for Accountability (CfA) to file ethics complaints against two senators and twelve representatives for violations of congressional rules and criminal law.
Blum/Iowa Script – “Low” (WATCH)
“Rod Blum has taken over $300,000 from Wall Street and special interests. How low will Blum go to keep his big money donors happy? Blum voted to give massive tax cuts to Wall Street special interests and make it nearly impossible for you to sue companies like Equifax and Wells Fargo. Now, Blum could hit rock bottom by voting to gut protections for consumers from payday loans. That’s low. Tell Rod Blum to stand with us, not Wall Street and payday predators.
Yoder/Kansas Script – “Number One” (WATCH)
“By charging up to 400% interest, payday lenders can afford almost anything. And Kevin Yoder is number one on their list. Yoder received over $300,000 in campaign cash from payday lenders…More than any member of Congress. And was accused of pay-for-play with the payday loan industry. Now, Yoder may vote to gut new safeguards that protect consumers like you from payday loans. Tell Kevin Yoder to stand up for us, not payday predators.”
Poliquin/Maine Script – “Low” (WATCH)
“Bruce Poliquin has taken over $1.8 million from Wall Street and special interests. How low will Poliquin go to keep his big money donors happy? Poliquin voted to give massive tax cuts to Wall Street special interests…And make it nearly impossible for you to sue companies like Equifax and Wells Fargo. Now, Poliquin could hit rock bottom by voting to gut protections for consumers from payday loans. That’s low. Tell Bruce Poliquin to stand with us, not Wall Street and payday predators.”
Sessions/Texas Script – “Safeguard” (WATCH)
“By charging up to 400% interest, payday lenders can afford almost anything. And Pete Sessions is on the top of their list. Sessions received over $225,000 in campaign cash from payday lenders…More than almost any other member of Congress. And was accused of pay-for-play with the payday loan industry. Now, Sessions may vote to gut new safeguards that protect consumers like you from payday loans. Tell Pete Sessions to stand up for us, not payday predators.”
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