The Baptist Standard: Predatory lending ‘reform’ bill moves in the wrong direction, advocates insist
April 10, 2013
A predatory lending bill in the Texas Senate not only fails to deliver on promised reform of payday lending, but also represents several steps backward for Texas consumers, according to a Christian Life Commission spokesman. Stephen Reeves, director of public policy for the Texas Baptist CLC, joined Jeffery Patterson, executive director of the Texas Catholic Conference, and Ollie Besteiro, state president of AARP, in sending a letter to Texas senators expressing opposition to SB1247 in its current form. The bill contains no limit on rates and fees payday and auto title lenders can charge and no database to aid in enforcement—“the two most effective tools proven to prevent the cycle of debt in other states,” the letter says. Most significantly, the letter continues, “The bill contains an explicit pre-emption of existing local ordinances reversing hard-fought gains at the local level, reversing progress for over 4 million Texans.” Read more here.