Help Build Grassroots Support For A Crackdown On “Preyday Lenders”
By Isaiah J. Poole
In Campaign for America's Future
The payday lending industry has up to now escaped comprehensive regulation from the Consumer Financial Protection Bureau, but the agency is currently working to change that – and payday lenders aren’t expected to let that happen without a vicious fight.
That’s why National People’s Action has launched a campaign to mobilize grassroots political support for robust CFPB rules that will rein in these predatory lenders, in anticipation of well-funded pushback by the industry.
“Whenever they are threatened with more regulation, they have come out of the woodwork with enormous amounts of money,” said Liz Ryan Murray, policy director at National People’s Action. That has certainly been in the case in the handful of states that have moved to curb the lenders. This time, the money would likely pay for a lobbying push to persuade Congress to neuter the CFPB regulatory effort, and ultimately the CFPB itself.
In anticipation of that, National People’s Action has launched an anti-“preyday lenders” campaign. In addition to a commercial and an information campaign featuring a “predator of the week,” there is a petition encouraging the CFPB “to issue strong protections that reform the payday lending industry” and “stand up to the predators who say our families and neighbors don’t deserve decent, affordable credit with reasonable terms.” (Sign the petition and learn more about the campaign at preydaylenders.org/.)