The Dallas Morning News: Lawmakers Face Long Odds in Effort to Crack Down on Predatory Lending
April 30, 2015
AUSTIN—Faith groups, consumer advocates and veteran lawmakers called on Wednesday for a crackdown on payday and auto title lenders—a massive industry that critics say reaps huge profits by taking advantage of the poor and leaves thousands of Texans enslaved by debt.
But lawmakers conceded that any attempts at reform face an uphill battle in the Legislature—where the measure has failed before—because of the industry’s clout and heavy spending on lobby efforts. There’s also huge reluctance among the GOP majority to impose greater restrictions on business.
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