Burnt Orange Report: Payday Lenders’ Money In Houston Municipal Runoffs Puts Reform at Risk
December 13, 2013
Houston’s new payday lending reform ordinance, pushed by the recently re-elected Mayor Annise Parker, is on shaky ground. Depending on the results of the municipal runoff election this Saturday, the future of the ordinance could change significantly. The plan, which would make Houston the fifth major city in Texas to pass such regulations, aims to protect consumers by establishing minimum standard business practices to prevent abuse from payday lending institutions. The future of this ordinance will be especially more difficult to predict because payday lenders are giving much-needed cash to runoff candidates who are preventing payday lending reform from happening.
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