Is Congress expanding credit for poor people or allowing high-interest loan providers?

Is Congress expanding credit for poor people or allowing high-interest loan providers?

Payday loan providers are making $120,999 worth of campaign efforts to McHenry throughout the period that is same putting him 11th among active House users. Elevate CEO Ken Rees actually donated $5,000 to your McHenry campaign in September, just 2 months after he introduced the consumers that are protecting, Federal Election Commission documents reveal.

McHenry didn’t react to demands for remark.

Meeks stated in a statement that is emailed to your Center for Public Integrity that the bill preserves the power for federal agencies to modify rent-a-bank partnerships and expands use of cheaper credit in underserved communities.

As soon as the bill had been marked up in the home Financial Services Committee last thirty days, Meeks supported an amendment that will spot a 36-percent cap on all loans included in the balance. The amendment had been introduced by Rep. Maxine Waters of Ca, the standing Democrat in the committee, nonetheless it wasn’t used. Meeks stated he could be dealing with the Senate to preclude high-interest price loan providers through the bill.

Nevertheless, Meeks stated in the statement that “claims paydayloansflorida.net online that the intent that is bill’s to start the doorway to high interest loans are disingenuous and contradict general general general public facts. ”

When you look at the Senate, the legislation is sponsored by Sens. Patrick Toomey, R-Pa. And Mark Warner, D-Va. Toomey has gotten the next most money from payday loan providers when you look at the Senate. Continue reading Is Congress expanding credit for poor people or allowing high-interest loan providers?