Posts tagged payday lenders
Former Missouri House Speaker Steve Tilley was a great friend to payday lenders during his time in office, racking up over $70,000 in donations from the industry. The Kansas City star reports that all that back-scratching is paying off: “Documents filed with the Missouri Ethics Commission show that Tilley recently became a lobbyist for the Online Lenders Alliance,” a payday lender trade association.
The revolving door spins again.
Payday lenders in Missouri have been fighting regulation for years—and they’ve been buying access and influence through campaign contributions. It’s all laid out in a new report from Public Campaign: “Indebted: How Payday Lenders Buy Political Influence In Missouri And Hurt Everyday People.”
A few key points from the report:
- The payday lending industry has spent more than $1 million over the last decade to influence Missouri state elections. Lobbyists and lobbying firms working for the industry have given at least another $648,460 to state campaigns.
- Campaign spending by the industry hit a decade high in the 2010 cycle, with at least $371,483 in contributions to Missouri politicians, four times more than in the beginning of the decade.
- In 2011, the Missouri House passed a bill that benefitted the payday industry by “capping” annual interest rates at 1,565 percent (HB 656), a hundred times higher than many credit cards. Members who voted for this pro-industry bill received nearly three times more payday money on average and nearly five times more altogether than members who voted in opposition.
Read the whole thing.