Payday Loan Lowdown

How could the payday lending industry sit tight while the Senate and the Defense Department hurl accusations at them? Recently, supporters of the payday lending industry petitioned members of the Senate to block proposed limits on short-term loans to troops, saying the Defense Department is overreacting to the problems of a small number of servicemembers. Estripes.com reports:

On Thursday, industry representatives testified before the Senate Banking, Housing and Urban Affairs about the report, saying it lacks any real data showing that servicemembers are at risk. “We think potentially far-reaching decisions regarding the availability of consumer credit should only be made after an even-handed analysis of such data,” said Hilary Miller, president of the Payday Loan Bar Association. “But this report presents only the point of view of [industry] opponents.”

Read more: Senators consider payday loan limits, criticize industry