Financed by Loan Sharks: A Stephen Fincher Story
In August, we told you about Tennessee Congressman Stephen Fincher standing up for payday loan sharks and against Tennessee consumers.
Now, we’ve learned that Fincher’s earning a big political payday from those who prey on Tennessee’s most vulnerable. The Campaign for Accountability filed an ethics complaint about Fincher and 10 other Members of Congress, calling into question donations from the payday lending industry and subsequent actions in defense of the loan sharks:
“It seems payday loans taken out by their constituents helped fund big paydays for members of Congress who used their positions to advocate on behalf of this unscrupulous industry,” the organization’s executive director, Anne Weismann, said in a statement.
The allegations against Fincher, a Frog Jump, Tenn., Republican who sits on the House Financial Services Committee, involve $13,500 in contributions from the payday lending industry or its executives.
Just yesterday, we told you how America’s financial system is rigged agains the working poor.
We cited an article in the Economist which notes:
To access credit, the poor typically rely on high-cost payday lenders. In 2013 the median such loan was $350, lasted two weeks and carried a charge of $15 per $100 borrowed—an interest rate of 322% (a typical credit card charges 15%). Nearly half those who borrowed using payday loans did so more than ten times in 2013, with the median borrower paying $458 in fees. In 2014 nearly half of American households said they could not cover an unexpected $400 expense without borrowing or selling something; 2% said this would cause them to resort to payday lending.
Sadly, Stephen Fincher profits from those who charge outrageous rates in loan shark fashion — trapping the poor and vulnerable in a cycle of debt.
Call Stephen Fincher today! 202-225-4714 — Ask him to stand up for Tennessee consumers and give back his payday loan shark contributions. Tell him it’s time we had a Member of Congress who will stand and fight for the most vulnerable among us.
Again, Congressman Fincher’s DC Office number is 202-225-4714. Call him today!
And remember, we count on your support to win the fight against payday lending loan sharks in Tennessee. Your contribution of $5 or $10 today will help keep the Loan Shark Ledger coming and keep the fight against legalized loan sharking alive.
Keep up with payday lending and other important consumer rights issues by following us @TNCitizenAction