CRA: Payday Lending Beneath The CRA Microscope

CRA: Payday Lending Beneath The CRA Microscope

The session that is penultimate PCi’s CRA and Fair Lending Colloquium had been a conversation and debate on payday financing. The panel included Billy Webster, CEO of Advance America, a number one payday loan provider, and Arthi Varma, a customer advocate with all the California Reinvestment Coalition.

Recommendations to lending that is payday interspersed through the entire seminar, frequently with unfavorable connotations. For instance, John Taylor, President, nationwide Community Reinvestment Coalition, claimed that “payday financing couldn’t be much more antithetical to CRA.” He really equated payday lending with predatory financing. Read more