Like any group or business, small loans companies and payday advance loan companies can make campaign contributions. Some believe that any business or trade organization that donates to a candidate is bribing them. Some think that if an office holder or candidate wants to ban payday advances, they have to have been bribed. It is an awful double standard, and loan providers do not posses that sort of cash lying around to start with.
Purchasing officials something the small loan industry gets accused of
Cash advance and installment loan lenders, along with other small loan companies, are allowed to lobby politicians in order for making sure they get some say, along with all other trade organizations. Making campaign contributions is legally something these organizations are allowed to do. Organizations will lobby incumbents or candidates, which sometimes these small loan businesses do also where officials are invited. There seems to be a double standard though. For instance, in a recent New Mexico gubernatorial debate, based on the brand new Mexico Independent, Democratic candidate Diane Denish practically accused Susana Martinez of being bribed by payday advance lenders because a fundraiser for Martinez had been partially run by a lobbyist employed by the choice financial services business.
Who is in charge of rules now?
A sector making contributions to a candidate doesn't mean too much. Who gets to say that one organization is better than another when it comes to donating? Getting off anyone is something that is hard to actually do for cash advance and small loan lenders with no cash. For instance, Congressional Rep. Heath Shuler of North Carolina received $57,900 from payday lending organizations for his 2010 election fund, and that’s the industry as a whole. Senator Chris Dodd, by comparison received $152,100 from the Royal Financial institution of Scotland alone in 2010. Do you would like to view what your representatives are receiving? Go to OpenSecrets.org, and you might be surprised.
Payday lending is small
The contributions small loan companies can make as a sector are dwarfed when it comes to other lobbies, such as banks and high finance. Election campaigns end up with unions paying out probably the most. That's where much of the contributions come from. Looking at history, unions are hardly squeaky clean by any stretch of the imagination. A bribe isn’t what a contribution is. Payday cash advance loan Facts and Statistics Report on Personal Money Store are there for you to read.
Citations
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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