Wednesday, February 9, 2011

City Council Expected to Pass Predatory Lending Resolution Today

Dallas' City Council appears poised to join other Brownsville, El Paso, Richardson and other cities across Texas in adopting a resolution asking the state legislature to close the loophole in state law that allows predatory lenders to operate as CSOs (credit service organizations).

CitySquare, the United Way, the Jewish Community Relations Council, the Urban League have joined with church leaders and other non-profit organizations throughout Dallas asking the Council to draft and adopt such a resolution. In a recent conversation I had with one state representative in Austin, these resolutions do carry some weight with the legislature in that they do give evidence that these businesses are a problem significant enough for them to consider action.
payday lender resolution

CitySquare is also joining other statewide organizations, such as Texas Appleseed, the Center for Public Policy Priorities, the Christian Life Commission, Texas Impact and the Texas Catholic Conference, in support of HB410 to address the usurious practices of this industry.

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