The pay day loan industry, threatened by Congress with extinction, has implemented well-connected lobbyists and hefty amounts of campaign money to key lawmakers to save lots of it self.
The strategy has paid down.
Now a premier Democrat who when attempted to ban the practice is rather pressing to manage it – an end result, he states, for the industry’s lobbying clout.
The lawmaker, Rep. Luis Gutierrez, D-Ill., claims their bill comes with important defenses for borrowers and represents the deal that is best he is able to handle when confronted with a’s aggressive lobbying.