A simple way to end the payday lending debate
The folks at Progress NC have identified a simple way to end the General Assembly’s absurd attempt to re-legalize predatory, triple-digit interest payday loans in North Carolina: The State’s Governor can simply reiterate the opposition to the industry that he voiced in his 2007 campaign for re-election as Mayor of Charlotte.
This is from a Progress NC release sent out this morning:
RALEIGH – Progress NC today called on Gov. Pat McCrory to speak out against payday lending, a position he’s already taken. A new bill filed in the NC Senate would bring predatory payday lenders back to North Carolina for the first time since 2006. Senate Bill 89 would allow payday lenders to charge interest up to 391% annually.
In a 2007 mayoral debate, Pat McCrory spoke out against payday lending:
“One of our serious problems are people who have been taken advantage of by payday lenders. And my opponent when she was a state legislator actually tried to help the payday lending industry with legislation, which would basically abuse poor people into getting high interest loans and put them in debt. And that’s one of our most serious problems that we’re dealing with here Charlotte and nationally. And that’s the exact opposite of what we need to do right now is we need to work against these lenders who are ripping people off…
These are the worst type of organizations to work with. They charge a very, very high interest. And a lot of people have lost their homes as a result of these types of activities with payday lenders. And I’m very proud of our state government officials who actually made sure that this legislation was not passed.” [Transcript of Charlotte Mayoral Debate, 9/26/07; Charlotte Observer, 9/27/07]
“In his State of the State address, Gov. McCrory said he would step on toes on the left and the right. We haven’t seen much, if any, Republican toes stepped on, but here’s his chance,” said Gerrick Brenner, Executive Director of Progress NC. “Gov. McCrory can simply repeat a position he’s already taken, if he’s willing to upstage Republican leadership in the State Senate.”