Friday, January 3, 2014

A Real Fight or is Wendy Just Pointing Out the Obvious?

Texas State Senator Wendy Davis
If nothing else, the gubernatorial race in Texas will certainly be interesting...

Wendy Davis has called out William J. White to step down as chairman of Texas' Finance Commission...

"Democratic governor contender Wendy Davis is calling on William J. White to step down as chairman of the Finance Commission of Texas for saying people who take out payday loans are responsible for their own situations.

"White, vice president of Cash America, should be an advocate for consumers on the state board but instead makes excuses for his own predatory industry, Davis said.

""William White can’t protect Texas consumers while he represents a predatory lending company on the side,” she said.

"Cash America is a payday lender that was fined $19 million dollars by the U.S. Consumer Financial Protection Bureau last month for abusive practices.

"Payday lenders such as Cash America make much of their money by charging large fees to extend small loans. The charges and fees can often add up to more than 500 percent annual interest.
White was appointed by Gov. Rick Perry to the post in 2011..."

Wendy Davis who is riding a crest of popularity after her famous filibuster earlier this year designed to halt state intrusion into women's rights. 

But long before this fight, Davis championed the cause of victims of payday lenders. William White's appointment to the Texas Finance Commission while serving as VP of Cash America is a clear conflict of interest that should have been considered before his appointment, and Davis is right to point that out. 

As this article points out, Cash America, the company White serves as an executive was fined $19 million by the Consumer Financial Protection Bureau; questionable business practices, robo-signatures of documents and shredding of documents were among the practices for it was fined. 

The rest of the article can be read here...

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