Merkley takes predatory lenders to the woodshed

Posted by Carla Axtman on March 27, 2008

Jeff Merkley is putting predatory lenders around the country on notice: get ready for a crackdown.

As Oregon House Speaker, Jeff fought lobbyists and payday lenders in Oregon to pass the Predatory Lending Cap Act and the Cashing Fairness Act, which placed strict limits on
check cashing fees.

Jeff is ready to take those predatory lending laws national as Oregon's next U.S. Senator. Today, Jeff rolled out his national plan, which includes capping payday loan interest rates at 36 percent, restrict payday loans made on the internet, require the Federal Trade Commission to crackdown on deceptive practices and mandate payday lenders to report credit bureaus.

As part of the rollout, Jeff gave a going-away party for Check Into Cash. The chain of payday lending outlets is leaving Oregon because as CEO W. Allan Jones says, it's just too hard to make a business run charging 36% interest.

Jeff was joined at the celebration by Maryann Olson, a woman whose personal story on this issue helped draw attention to the problem.

Jeff and Maryann waving a fond farewell to Check Into Cash.