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Everyone Supports Predatory Lending Reforms, Except (Some) Politicians

A new, bipartisan national poll sponsored by the Center for Responsible Lending shows that overwhelming majorities of voters support strong policies to rein in abusive predatory lenders:

Specifically, the poll found that 78 percent of Americans – 80 percent of Republicans – would support a rule that would permit payday lenders to make a loan only after verifying that the borrower can pay it back according to the original terms of the loan, while also still paying for housing, food and heat and electricity.
“It’s hard to get 78 percent of Americans to agree on the color of the sky, let alone a public policy issue, so this poll should speak loudly and clearly to those formulating rules to govern this abusive industry,” said Gary Kalman, executive vice president of the Center for Responsible Lending. “Americans want an end to reckless lending that drains money from communities and traps families in a cycle of debt that destroys financial futures.”
The poll also found that a majority of Americans from all political parties support the work and mission of the Consumer Financial Protection Bureau in general.
More than 60% of likely voters support the CFPB’s actions to protect military service members from law-breaking lenders and the CFPB’s actions against racially discriminatory auto lenders.

Meanwhile, basic reforms like interest rate caps on payday and installment loans remain gummed up in Jefferson City. Wonder why that is?  It might have something to do with the incredible stream of cash flowing to Missouri politicians and political consultants.