Some very positive news came out of Lubbock with the City Council voting down the “Payday Loan Ordinance” by a vote 5 to 2. Credit Access Business owners all across Texas were impressed by Lubbock’s push back of the liberal backed City Ordinance. Ordinances across Texas have shut down over 40% of Credit Access Businesses in the last several years.
Rates have increased as CABs have fought to survive the ordinances, access to credit for consumers who need it most has decreased. The ordinance issue just another reminder that liberals meddling with small businesses and the passage of more regulation ends up hurting the consumer they say they are trying to protect.
We have quite a lengthy set of rules and regulations that govern Credit Access Businesses in Texas. And, the Office of Consumer Credit Commissioner does an effective job at overseeing Credit Access Businesses. Let the conversation about “payday” stay at the Capitol and trust in the statewide legislative process.