Dear Economic Fairness Supporters,
This week on the economic fairness front:
1. Oregon’s low-cost credit union backed loans make national news
2. Congress passes financial protection bill; vote still waiting on the 36% cap
3. Still time to urge Congress to protect troops from predatory loans
4. Governor proposes additional protections against short-term predatory loans
View other alerts.September15th
September 8th
August 31st
August 24th
August 17th
July 5th
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1. Breaking the cycle of payday loan ’trap’
USA Today, Sept 19 - USA – Ruby Stoker from Junction City, OR and Cory Streisinger, director of the Oregon Department of Consumer and Business Services talk about payday loan alternatives in Oregon.
Ruby Stoker also shares her experience with predatory payday loans. "They don’t even do a credit check. They just use your paycheck. ... You’re done in 10 or 15 minutes," Stoker says. "We’re both graduates from college," adds Stoker. "It’s not (that) you wake up in the morning and say, ’Let’s go get ourselves into debt and bury ourselves to the point where we have to make a choice between paying the rent and eating.’ "
2. Congress protects military from high-cost life insurance
On Thursday, Congress approved a bill that will protect military members and their families from predatory financial products such as over-priced life insurance or mutual funds. Oregonian, Sept 21
The bill was sponsored by Rep. Geoff Davis (R –KY). He is under fire for his opposition to another predatory lending bill currently under consideration. Davis is a member of the House-Senate conference committee where the fate of the 36 percent interest cap on loans to military members rests.
3. Tell your representative to stand up for the 36 percent cap!
On the table is whether Congress should cap interest rates at 36 percent on all loans charged to military borrowers, which would prevent lenders from taking advantage of our troops who are far from home and family. Take action today! Click here to learn more.
4. Governor Kulongoski and state regulators propose additional steps to curb predatory short term loans. Get the story.
Payday Loan Fairness: [x] Yes, [] No
©2006 Our Oregon. All rights reserved. Photos by Leah Nash.