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In response to enforcement action by the new Consumer Financial Protection Bureau (CFPB), payday lender Cash America will repay $14 million to customers and will pay a $5 million fine because "it improperly pursued some customers' debt and overcharged military service members." Apparently, Cash America charged service members annual interest rates over 36% on loans. Compare that to the interest rate banks pay you when you loan them money by making a deposit to your savings account.
After the jump, what does this have to do with Richardson?
To answer that we only have to dip into our archives. Cash America just happens to be our own Congressman Pete Sessions' biggest campaign contributor. In 2010 Sessions also voted against the creation of the CFPB. Surprise, surprise. When money talks, Pete Sessions listens.
When will the voters of the 32nd Congressional District quit sending people like Pete Sessions back to Washington? That is, Congressmen who represent the interests of businesses like Cash America more than they represent the interests of the people who actually live and work in their districts? Congressmen who vote against the government even keeping an eye on companies like Cash America? "The answer, my friend, is blowin' in the wind."
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