Houston Chronicle and San Antonio Express News: Lending bill seen thwarting S.A.

March 19, 2013

On the heels of a new campaign finance report demonstrating the political muscle of the payday loan industry in the Texas Legislature, consumer advocates expressed collective dismay that an effort to compromise with the industry has produced a tepid reform bill.  The compromise proposal, sponsored by Sen. John Carona, R-Dallas, drew criticism Tuesday from San Antonio City Council member Diego Bernal because it would pre-empt stronger restrictions in the ordinance adopted by the council last year.  “The spirit of our effort was to create a safety net,” Bernal testified. “I’m not sure that what has been proposed will keep (consumers) out of the cycle of debt.”  Read more here.