Published: September 2009

Wisconsin payday loan cap gains support across state

Coalition expanding to include labor and faith-based groups

Coalition: Wisconsinites for Responsible Lending

Wisconsinites for Responsible Lending (WRL)—of which Consumer Action is a founding member—has announced the addition of new member organizations to its grassroots coalition.

Recently Wisconsinites for Responsible Lending (WRL) has gained many new members, including Wisconsin AFL-CIO, SEIU (Service Employees International Union), AFT-Wisconsin, Wisconsin Coalition Against Domestic Violence, WISDOM, ESTHER (Fox Cities), the Fox Cities Housing Coalition, Lutheran Office for Public Policy in Wisconsin (LOPPW), and First Presbyterian Church of Omro.

“The addition of labor, faith based-groups, and state-wide advocacy organizations demonstrates the broad-base of support across the state to end predatory lending practices in Wisconsin,” said Sarah Hawks, Wisconsinites for Responsible Lending member.

Members of the coalition support a 36% APR rate cap on small dollar loans to end predatory and abusive lending practices.  A 36% APR rate cap has been enacted by 15 states, the District of Columbia, and for members of the U.S. military. The Predatory Lending Consumer Protection Act (AB 392) is the only bill introduced in the state legislature that includes a 36% APR rate cap. The bill awaits a public hearing by the Financial Institutions Committee.

“The profiteers of the payday lending industry are exploiting desperate workers who fall short financially despite their hard work.  Wisconsin should follow the lead of Congress which put a 36% interest cap on small dollar loans for military personnel and extend this protection to all workers. We are glad to join such a broad coalition to support this legislation,” said Phil Neuenfeldt, Secretary-Treasurer, Wisconsin State AFL-CIO.

Wisconsinites for Responsible Lending, formed in spring 2009, is a statewide coalition of groups and concerned residents that has united to promote responsible lending practices and to address the issue of predatory lending. The grassroots coalition has grown to 54 members representing a broad-base of interests that are committed to advocating for an end to predatory lending practices in Wisconsin.

The Predatory Lending Consumer Protection Act has received strong support in the Wisconsin legislature with 43 co-sponsors in the Assembly and 15 co-sponsors in the Senate.

About Wisconsinites for Responsible Lending

The coalition was formed in spring 2009 with the purpose of ending predatory lending practices in Wisconsin.

Other Organizations

Click here for a PDF membership list.

More Information

Wisconsinites for Responsible Lending; .(JavaScript must be enabled to view this email address), (262) 832-1531.

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