Monday, February 9, 2009

Illinois AFL-CIO Endorses Payday Loan Reform Advocate

Candidate has record with payday lenders

John Fritchey, candidate in the Illinois 5th Congressional District race, got an endorsement from the AFL-CIO today. The organization cited his voting record regarding payday loan reform and other financial legislation among its reasons for endorsing him.

Obvious answer for skeptics

Fritchey in the past has voted for certain limitations on payday loans. However, he represented Cash America when it applied for special use permit in order to open a pawn shop. Cash America also owns a payday lending operation in addition to operating pawn shops.

Progress Illinois asks the following question:

If Fritchey is an opponent of predatory lending, why is he assisting this company’s expansion?

To me, the answer seems pretty clear. Fritchey is well versed in payday lending law and payday loan reform, but he doesn’t consider payday loans a form of predatory lending.

Is there a contradiction here?

So why would Fritchey vote to place limits on payday loans if he doesn’t think they are predatory lenders? People seem to forget sometimes that everything in life isn’t always black and white. Just because he believes there should be certain forms of regulation doesn’t mean that he thinks the organizations are inherently bad.

Regulation and support can coexist

John Fritchey

John Fritchey ... click here to read the rest of the article titled "Illinois AFL-CIO Endorses Payday Loan Reform Advocate "

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