Rallying Against Payday Lenders in Wisconsin
I was proud to represent Tennessee at the inaugural People’s Action Delegates Assembly in Milwaukee, Wisconsin earlier this month.
Among the exciting events was a direct action against a payday lending store in the area.
Here’s more on that story:
More than 100 activists from 25 states converged Monday on Speedy Loan, a payday lender in Milwaukee, to call on Speedy Loan Corp. owner and president Kevin Dabney to stop trapping families in 500-percent-interest, debt-trap loans.
Monday’s action comes midway through the 90-day public comment period on a proposal to issue the first-ever national rules by the Consumer Financial Protection Bureau (CFPB) to regulate the payday and car title lending industry.
To help Mr. Dabney see the reality of the misery that his loans bring to families and communities, activists brought a letter for Mr. Dabney to submit to the CFPB. The letter has him admitting his role in trapping Wisconsin families in debt and asking the CFPB to stop his predatory practices, since he’s been unwilling to stop them on his own.
Payday lenders take hundreds of millions of dollars from Tennessee families each year. This action in Wisconsin was a show of solidarity with activists around the country fighting for fair lending that doesn’t trap consumers in an endless cycle of debt.
You can take action today to help beat back the loan shark attack.
For more on how you can join the fight against payday predators, follow @TNCitizenAction