This week on the economic fairness front:
1. Payday loans top $1.4 billion in Washington
2. Banking the unbanked: Financial empowerment and market opportunity
3. Congressional leaders ready to tackle predatory lending
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November 3rd
October 27th
October 19th
October 13th
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1. Washington payday loans top $1.4 billion, an increase of 138% from 2000. The Washington State Department of Financial Services just released the 2005 Payday Lending Report. The new figures show a substantial increase in loan volume and the number of payday lending locations. Last year, there were more than 3.5 million loans. Fees on these loans totaled $173 million. Advocates in Washington, including the Statewide Poverty Action Network, are working for state reform. Read the report>>>
2. FDIC invites civil rights leader to join new committee on banking the unbanked. Wade Henderson, president of the Leadership Conference on Civil Rights, joined the new FDIC committee formed to address economic inclusion of unbanked adults. Henderson has been a vocal advocate for predatory lending reform and sees this as a natural fit with his commitment to civil and human rights. “Financial empowerment has always been a cornerstone of the fight for civil rights for all Americans”. Read more>>>
3. Rep. Barney Frank, D-Mass., will take on predatory lending. Rep. Frank will chair the House Financial Services Committee. He has expressed concerns about predatory lending and mortgage fraud. The lending industry would like a national law to preempt state laws. Rep. Frank is supportive as long as the law contains consumer protections. Washington Post, Nov. 9th.
On both the state and federal level, lawmakers are busy setting their priorities for the upcoming session. Now is the perfect time to call your lawmaker and let them know ending predatory high-cost lending is a priority for you. Go to www.congress.org to find the contact information for your state and federal lawmakers.The message is simple but important:
• State lawmakers – next session I urge you to close the payday loan loophole and end all high-cost lending in Oregon with a 36% cap on interest.
• Federal lawmakers – next session I urge you to protect the 36% cap on loans to military members and urge you to expand the protection to all families.
Stand up for economic fairness for all Oregon families. Add your voice to the Economic Fairness Coalition.
1.) Spread the word. Forward this message to friends, colleagues or your membership list. Tell them to visit the web site to sign up and get more info. www.paydayloanfairness.org
2.) Learn more. Invite a speaker to come talk to your group about the Economic Fairness Coalition. Call Angela Martin at 503-239-8029.
3.) Help close the payday loan loophole. Make a contribution to fund the Economic Fairness Campaign. Learn more.
Payday Loan Fairness: [x] Yes, [] No
©2006 Our Oregon. All rights reserved. Photos by Leah Nash.