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Civil Rights Groups Defending Predatory Lenders: Priceless. Exactly what does Martin Luther King Jr. want to do with payday lenders?

Civil Rights Groups Defending Predatory Lenders: Priceless. Exactly what does Martin Luther King Jr. want to do with payday lenders?

Nada, but who hasn’t stopped African leaders that are american invoking their title as they shill for the credit industry.

Stephanie Mencimer

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The president of the Southern Christian Leadership Conference (SCLC), took to the op-ed page of the Washington Post to decry the devastating effect the meltdown was having on minority homeowners at the end of June, as the subprime mortgage crisis was driving the economy into a tailspin, Charles Steele Jr. But instead than help presently pending measures to better control the credit areas, the top of just one associated with the nation’s earliest civil liberties teams alternatively attacked them. Steele had been specially upset of a Federal Reserve proposal that could split straight straight down on subprime bank cards—high-interest cards advertised to people who have bad credit.

Even though the civil liberties group happens to be lauding its business partner, the us government has had a somewhat various view of CompuCredit’s efforts to financial empowerment. Final thirty days, the Federal Trade Commission sued the business for unjust and misleading trade techniques, also breaking the Fair commercial collection agency procedures Act.