This is one of the VERY BEST explanations for ALL the attacks on the payday loan industry!
It was written by Steve Sherman at Human Events. Hate payday loans, or love them, you have to invest 5 minutes of your time. This theme of Washington insiders attacking an industry for machiavellian reasons is MUCH BIGGER than one industry.
“The attack on the “payday lending” industry has been financed by a number of non-profit organizations, the lead attack dog being the Center for Responsible Lending (CRL). Who’s that? Again with the nice, focus group tested, responsible name. They are a group that, you guessed it, does short-term, small dollar lending and would profit immensely by the demise of the current system.”
“CRL describes itself as “a community development lender, credit union, and real estate developer that works with individuals, organizations, and communities traditionally underserved by conventional markets.” CRL’s founder and CEO is Martin Eakes. Eakes’ organizations are seeking to use government intervention to replace the short-term lending industry with his own version of small dollar lending. Sounds like a smoky back room deal to me.” READ MORE