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Article: Payday Firms' Defense Now Aimed at CUs.(Credit Unions)
- Article from:
- American Banker
- Article date:
- March 30, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Under attack from community groups and forced to the sidelines by some state legislatures and banking regulators, payday lenders are going on the offensive.
The industry's largest trade group has hired a well-known crisis management firm, Dezenhall Resources LLC in Washington, to fight charges that their loans are predatory and to challenge the motives of some critics.
Topping its list of enemies are credit unions, which payday lenders claim are behind efforts to drive them out of several states and end partnerships with community banks, all in an attempt to gain share in the lucrative market for short-term loans.
The payday lenders' aim with ...