Thursday, December 22, 2005

Payday lending news

Rendell writes the Inquirer to clear up his stance: he's definitely in favor of banning payday lending (previous stories said he merely wanted to regulate it better). That's a nontrivial error on their part (and a bit confusing, since there are two bills being considered, and Rendell is backing, um, only one of them...).
I support a ban because I want to prevent unscrupulous lenders from taking advantage of people who need cash to buy food for their families or medicine for their sick children. A family that needs cash now to avoid eviction from their home, shouldn't be forced to trade one dire need for another.
I hope he gets the chance to sign a bill. Meantime, a group of folks who took an emergency loan and found themselves in an ever deeper cycle of debt have brought a class-action suit against one such lender. Fumo brings some thunder as a backdrop for the case...

Update: Dan at YPP calls bullshit on Rendell's letter, confirming my suspicions (and clearing the confusion).
Rendell says he wants to ban it? Fine, propose the damn bill, or start lobbying for Senator Fumo's legislation that would do the same. But if instead, you are pushing a payday lending industry bill, that would destroy the lives of PA working families, all while acting like you are on our side? No, that does not fly.
Dan's in a position to know who's really fighting on which side, so it's time for Rendell to put his actions where his whining is...


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