Payday lender crackdown


DOWN ON PAYDAY LENDERS. (BROOKE) OUR WASHINGTON CORRESPONDENT DREW PETRIMOULX REPORTS THAT MANY SAY THEY TARGET VULNERABLE PEOPLE AND TRAP THEM IN DEALS THEY CAN’T AFFORD. CALHOON: 9-13 SEWELL: 28-32 PETRIMOULX: 52-56 HENSARLING: 59-103 TRT: 1:20 PAYDAY LOANS ARE PROMOTED AS EMERGENCY CASH FOR PEOPLE IN A BIND. AND IN THE UNITED STATES — THERE ARE MORE OF THESE LENDERS THAN MCDONALD’S RESTAURANTS. MICHAEL CALHOON, CENTER FOR RESPONSIBLE LENDING: “THESE ARE EXPLODING LOANS THAT ARE REALLY CAUSING A LOT OF DAMAGE.” MICHAEL CALHOON WITH THE CENTER FOR RESPONSIBLE LENDING SAYS THE LOANS TARGET PEOPLE WITH POOR CREDIT AND SNARE THEM IN AN ENDLESS CYCLE OF INTEREST PAYMENTS. THEY ARE ALREADY BANNED IN A THIRD OF STATES. ALABAMA DEMOCRATIC REPRESENTATIVE TERRI SEWELL. REP. TERRI SEWELL, D-AL: “THIS IS AN EFFORT TO STOP THE DEBT TRAP THAT SO MANY OF MY CONSTITUENTS FACE.” THIS MONTH — THE CONSUMER FINANCIAL PROTECTION BUREAU ISSUED NEW RESTRICTIONS ON WHO CAN RECEIVE THE LOANS AND HOW OFTEN THE’RE DOLED OUT. REP. TERRI SEWELL, D-AL: “PUTS THE ONUS ON THE PAYDAY LENDERS TO MAKE SURE PEOPLE HAVE THE ABILITY TO REPAY.” LENDERS SAY THE RULES WILL PUT MANY OF THEM OUT OF BUSINESS AND LEAVE PEOPLE WITHOUT AN OPTION TO GET MONEY IN AN EMERGENCY. DREW PETRIMOULX, REPORTING: “THE CFPB WHICH AUTHORED THE RULES HAS BEEN A FREQUENT TARGET OF REPUBLICANS IN CONGRESS WHO SAY THE AGENCY OVERSTEPS ITS BOUNDS.” REP. JEB HENSARLING, R-TX: “BIG GOVERNMENT NANNYISM WHICH CONSTANTLY MAKES CREDIT MORE EXPENSIVE AND LESS AVAILABLE TO HARD WORKING AMERICANS.” BUT EVEN MANY LAWMAKERS SKEPTICAL OF THE AGENCY’S REACH SUPPORT RESTRICTIONS ON PAYDAY LENDERS. FOR THEIR PART THE LENDERS ARE PROMISING TO CHALLENGE THE REGULATIONS IN COURT BEFORE THEY GO INTO EFFECT IN 2019. IN WASHINGTON, DREW PETRIMOULX (BROOKE) INDIANA’S SENATORS SOUND OFF ON

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