Tag Archives: payday loans
Maurice Chammah joins us to discuss his recent cover story, “The Mystery of the San Antonio Four.”
Texas Finance Commission Chairman William White and his company, Cash America, have been intimately involved in trying to undermine the efforts of Texas’ big cities to regulate payday and auto-title loans at the municipal level, documents show.
Today, the Houston City Council voted 15-2 to join every other major Texas city except one (hello, Fort Worth) in regulating payday loan companies.
Mayor Annise Parker took a step toward making Houston the fifth major Texas city to pass restrictions on payday loans.
Three months after an Observer investigation exposed how some payday loan companies are aggressively pursuing criminal charges against their customers, the state body that oversees the industry has issued an advisory telling companies to stop the practice.
At the Texas Municipal League’s annual convention in Austin on Thursday, city officials from across the state gathered to encourage each other to pass regulations on payday and auto-title lending, an unregulated sector many consider usurious, if not predatory, and to discuss ways to defend against the industry’s lawsuits.
In a last-ditch effort to salvage payday loan reform, Rep. Mike Villarreal called on a recalcitrant Texas House committee to send legislation to the House.
Industry insiders milled about the meeting late last night and it appeared that only Rep. Mike Villarreal, author of the bill, appeared to be the only member in favor of cracking down on payday establishment.
Late into the night, the payday loan industry strutted its stuff before a very friendly House committee. The hearing came just a week after the Senate passed a surprisingly tough bill that the industry insists would shut down most of Texas’ 3,400 payday and auto-title storefronts. Even though the legislation aired last night is a faint shadow the Senate bill, it got a rough treatment from six of the seven committee members.
Texas Observer Staff Writer Forrest Wilder hosted a public panel on reforming Texas’ payday loan industry.