Once Again, Payday Lenders Are Striking at the Working Poor

In the past few years, more than 40 Texas cities representing nearly 10 million Texans passed local ordinances to regulate payday lending abuses. They did it because local city councils heard countless tragic stories of families who sought quick money for a car repair or medical bill suddenly caught in unpayable cycles of payday loan debt. But now the payday lending lobby is fighting back: Two last-minute bills have been filed in the Legislature that would take away the authority of cities to regulate abusive payday loans, rendering the working poor more vulnerable to exploitation. We urge lawmakers to reject both of these measures, which are bad both for cities and the financial hopes of the working poor who live in them.   Continue reading...