This week on the economic fairness front:
1. Big victory in Congress!
2. Focus on low-cost alternatives
3. High Cost of Poverty forum: Saturday Oct. 7th
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1. Congress caps loans at 36 percent. With mid-term elections around the corner the political pressure finally reached a tipping point last Friday when Congress voted to limit interest rates on loans to military families. Banks were not successful in their bid to win an exemption from the new law. As a result, the 36 percent annual interest cap will apply to all commercial loans made to military members and their family. Today military families, tomorrow all families. USA Today, Oct. 2, 2006
2. As we work to close the door on 500 percent we must open the door to 18 percent. Last Sunday the Statesman Journal had two articles on low-cost payday loan alternatives. More credit unions are stepping in to fill the demand for short-term, affordable loans. For many credit unions, this has been a real learning opportunity about the need for short-term credit. "We didn’t realize there was such a demand within our own membership," said Bob Corwin, the executive president of Beaverton-based First Tech Credit Union. Statesman Journal, Oct. 1, 2006
3. Join Congressman Earl Blumenauer for a forum on the High Cost of Poverty. The forum will focus on areas where people living in poverty pay more: housing, healthcare and financial services.
October 7, 2006 8:30am – 11:00am
Concordia University, Hagen Center Student Commons
2811 NE Holman Street, Portland OR
For more information contact Sage Dilts in Congressman Blumenauer’s office, 503-231-2300.
Payday Loan Fairness: [x] Yes, [] No
©2006 Our Oregon. All rights reserved. Photos by Leah Nash.