Author Archives | Ona Porter
Ona Porter is Executive Director of Prosperity Works, a non-profit dedicated to helping people achieve financial independence.
Self-Serving Payday Loan Industry Proposals No Surprise
Two weeks ago, the New Mexico House Regulation and Public Affairs Committee tabled popular 36% interest cap bills designed to protect borrowers from triple digit interest loans that lock them in poverty.
The committee dismissed testimony in favor of 36% caps from a broad range of financial counseling, social service, tribal, religious, senior citizen and other groups. It preferred to consider an industry proposal for consumer protections that lenders promised was forthcoming. Once the loan sharks were handed the keys to the bait tank, advocates of loan reform were skeptical that meaningful proposals were in the offing...
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23. February 2015
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