Friday, September 16, 2005
Their money's still green...
When it comes to money, payday lenders and check cashing firms are like vultures. They feed off of low income people who can't afford a regular bank account, charging high fees to provide basic financial services. Given the demographics in NY's 19th, there's not a lot of these businesses in the district. Indeed, payday lenders are effectively prohibited from operating in New York because the state considers it a crime to charge over 25% for interest and the typical payday lending shop charges 300% or more.
So what is Sue doing accepting money from a group that lobbies on behalf of payday lenders? According to opensecrets.org, Sue recently accepted a $5,000 contribution from FiSCA for the 2006 election. In exchange, Sue's set to speak at their upcoming convention next Sunday at the Marriott Marquis hotel in Times Square.
We're assuming that the quid pro quo has something to do with Sue's prominence on the House Financial Services Committee. But given the lack of payday lenders in NY's 19th, it still seems a bit unseemly to us.
One final note: many of these businesses actively pursue members of the military, sending them into a debt spiral as they struggle to keep up with the hefty fees. That makes FiSCA's gift to Sue seem at odds with her professed love for a strong military.
So what is Sue doing accepting money from a group that lobbies on behalf of payday lenders? According to opensecrets.org, Sue recently accepted a $5,000 contribution from FiSCA for the 2006 election. In exchange, Sue's set to speak at their upcoming convention next Sunday at the Marriott Marquis hotel in Times Square.
We're assuming that the quid pro quo has something to do with Sue's prominence on the House Financial Services Committee. But given the lack of payday lenders in NY's 19th, it still seems a bit unseemly to us.
One final note: many of these businesses actively pursue members of the military, sending them into a debt spiral as they struggle to keep up with the hefty fees. That makes FiSCA's gift to Sue seem at odds with her professed love for a strong military.
