Dear Economic Fairness Supporters,
This week on the economic fairness front:
1. Banks quietly working to cut a deal exempting them from 36% cap
2. Congressman Blumenauer hosts the High Cost of Poverty forum
3. National St. Vincent de Paul committee adds payday loan reform to agenda
4. Pressure from advocates move Congressman to support loan cap
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1. Could the Talent-Nelson amendment be the hole in the dike that has held back consumer protection for twenty-six years? This is the question Elizabeth Warren poses on her “Warren Reports” blog. Elizabeth is a Harvard Law School professor and author of several books on the debt trap that credit deregulation has created.
The banking community is divided. Last week, the National Association of Federal Credit Unions announced support for the bill to cap all loans to military members as 36 percent. This week, we learn that for-profit banks are concerned about the bill which has widespread public support but could impact their bottom line profits. This puts them in a tight spot because they don’t want to be branded “anti-military” by opposing the bill but they also don’t want high-cost credit card interest rates to be subject to regulation. Their solution: support the cap for payday lenders but quietly work for an exemption for banks. Get the story.
2. 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
The audience will hear from some of Oregon’s leading poverty experts including low-income advocates, policy makers and industry representatives. Each panel discussion will conclude with questions from the audience. Come help shape the discussion on how we can bring innovative solutions to the very real problem of poverty in Oregon. For more information contact Sage Dilts in Congressman Blumenauer’s office, 503-231-2300.
3. Oregon SVDP members help put payday loan reform on the National SVDP agenda. In the fall issue of Hot Topics, a publication of the national Voice of the Poor Committee, Oregon and Illinois Vincentians are recognized for bringing the payday loan issue to the attention of the national committee. Across Oregon, members of St. Vincent de Paul are a powerful voice for the poor and an important partner in the call to end predatory lending for all Oregonians. Hot Topics, Fall 2006
4. After weeks of public pressure, Kentucky Congressman in tight race now supports loan cap. Congressman Davis (R-Ky) who is in a tight race for the U.S. House, changed his tune regarding the proposal to cap loans to military at 36 percent. His newfound support for the Talent-Nelson amendment came after weeks of political pressure back home. Negative press about the $11,450 he took from payday loan operators and a flurry of phone calls from constituents prompted him to come out in support of the interest cap. Get the story.
How many calls did it take to sound the alarm in Kentucky? The magic number was 15 calls. Your call can help tip the scale in Oregon. There’s still time to call or email your U.S. Representative today. Take action today! Click here to learn more.
Payday Loan Fairness: [x] Yes, [] No
©2006 Our Oregon. All rights reserved. Photos by Leah Nash.