Debunking McCoy’s payday lending excuse

Responding to dozens of CCI members urging him to move this bill, McCoy stated that he's worked about payday loans obtained online. And, until they are address he won't move on a state interest rate cap.

Luckily for him our bill addresses that! We checked with the Iowa Attorney General’s office and our friends at the Center for Responsible Lending and, in fact, our bill already addresses much of this problem for two simple reasons...

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[Update] Why is Sen. McCoy standing in way of payday lending bill?

Last Wednesday, in a sit down meeting with a small group of CCI members, Senate Commerce Committee chair Sen. Matt McCoy (D-Des Moines) state he has no intention in considering a bill to cap interest rates for payday loans at 36%.

There is bi-partisan support on the Senate Commerce Committee to pass Senate File 388. Join other CCI members today and tell McCoy that it's time to crackdown on payday lending in Iowa. Allow this bill to be voted on in committee.

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