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Showing the Latest Payday Lending Results
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With Wasserman Schultz Reversal, Push to Expand Disastrous “Florida Model” of Payday Lending is Dead
Allied Progress: “This was only possible because two important things happened. Tens of thousands of Americans made their voices heard and people like Wasserman Schultz and Murphy listened.”
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Tampa Bay Times: Wasserman Schultz Reverses Opposition to New Payday Lender Rules
Allied Progress, which ran ads against Wasserman Schultz, declared victory. “This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” said Allied Progress executive director Karl Frisch.
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Common Dreams: Warren’s CFPB Cracks Down on Predatory Lenders—But Will It Be Enough?
On Thursday, Allied Progress executive director Karl Frisch declared: “It’s time for our Representatives in Congress to speak up and let us know where they stand. Do they support the CFPB’s proposed rule, or not? Will they champion the needs of their constituents and those caught in the payday lending debt trap or that of the predatory lenders who fill many of their campaign bank accounts?”
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Consumer Affairs: CFPB’s Plan to Clean up Payday Loans Faces Stiff Opposition
Allied Progress, the liberal advocacy group that “outed” Wasserman Schultz, says many other Congressional representatives are in the pocket of payday loan interests. “Payday lenders have spent millions of dollars currying favor with powerful Washington politicians and they will do whatever it takes to keep this extremely lucrative predatory racket humming along,” said Karl Frisch, the group’s director.
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Group Lauds Rep. Murphy for Supporting CFPB’s Proposed Rule on Payday Lending
Allied Progress: “Other members of Congress could learn a thing or two from this demonstration of thoughtful leadership.”
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Tampa Bay Times: Patrick Murphy Retreats From Payday Lender Bill
Allied Progress says it is taking Murphy out of contention of the ads. “Make no mistake – the CFPB’s proposed rule flies in the face of the disastrous ‘Florida model’ of payday lending and H.R. 4018, legislation initially co-authored by Rep. Patrick Murphy,” said Allied Progress executive director Karl Frisch.
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Salon: New Regulation Proposal Won’t Do Enough to Rein in Predatory Payday Lenders, Consumer Groups Say
Progressive non-profit organization Allied Progress says this is just industry hoopla. It praised the proposal, but encouraged the CFPB to further strengthen protections for consumers. “While this is a good start and an important step in the right direction, the fight is far from over,” said Allied Progress Executive Director Karl Frisch in a statement.
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Politico: Warren Wing Clashes With Wasserman Schultz on Payday Lending
The debate has spawned bipartisan legislation backed by Wasserman Schultz to delay the new rules for two years, a move that she says would give states time to adopt stricter laws. That stance has drawn attack ads by opponents of the industry. Allied Progress, a liberal group, recently launched a $100,000 ad campaign against Wasserman Schultz.
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The Hill: Trade Group Threatens to Sue CFPB Over Payday Loan Rules
“While this is an important step in the right direction, the fight is far from over,” Karl Frisch, executive director of Allied Progress, said in a statement. “Payday lenders have spent tens of millions of dollars currying favor with powerful politicians and they will do whatever it takes to keep this predatory racket running. We owe it to hard working men and women everywhere to remain vigilant and fight on until the debt trap is ended once and for all.”
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Will Members of Congress Support CFPB’s Proposed Rule to Rein in Predatory Payday Lenders?
Allied Progress is calling on members of Congress to announce whether they support or oppose the CFPB’s predatory payday lending rule.