Civil Rights Groups Defending Predatory Lenders: Priceless

Civil Rights Groups Defending Predatory Lenders: Priceless

Just what does Martin Luther King Jr. want to do with payday lenders?

at the conclusion of June, once the subprime mortgage crisis had been driving the economy as a tailspin, Charles Steele Jr., the president associated with Southern Christian Leadership Conference (SCLC), took to your op-ed web page for the Washington Post to decry the devastating impact the meltdown was wearing minority home owners. But instead than help measures that are currently pending better control the credit areas, the best choice of just one for the nation’s earliest civil legal rights teams alternatively attacked them. Steele had been specially upset about a Federal Reserve proposition that will split straight down on subprime bank cards—high-interest cards advertised to people who have bad credit.

The federal government has taken a slightly different view of CompuCredit’s contributions to economic empowerment while the civil rights group has been lauding its corporate partner. Last month, the Federal Trade Commission sued the business for unjust and deceptive trade techniques, in addition to breaking the Fair commercial collection agency techniques Act. The FTC alleged that CompuCredit bilked consumers away from at the least $217 million through a scheme by which consumers paid a great deal in costs which they hardly ever had any credit available from the ongoing company’s Visa cards. 继续阅读“Civil Rights Groups Defending Predatory Lenders: Priceless”