Payday Lending Vote by Houston City Council Sends Message to Texas Legislature

“We commend the action by the City Council, under the strong leadership of Mayor Parker, to bring this much needed economic relief to the residents of the nation’s fourth largest city. “The vote today sends a strong message that Austin needs to get its act together and adopt meaningful payday lending reforms that will help the millions of Texans who still are at the mercy of abusive lending practices. Texans should be able to access short term loans at reasonable terms. They should be informed and protected consumers, rather than victims of predatory lending practices. “It’s encouraging that a coalition of faith and community leaders and local officials has taken on an issue pitting money vs. morality and come out with a resounding victory that will help Houstonians avoid falling into money traps and seemingly endless cycles of debt.”