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EDITORIAL: What others are saying

Give pink slip to payday loan industry

Imagine how the Golden State would shine if it had lawmakers with the moral character of Holly Petraeus. Petraeus, wife of CIA Director and retired Army Gen. David Petraeus, has become an impassioned advocate for returning military veterans.

In that capacity, she has taken on for-profit colleges and payday lending outfits who are trying to shake dollars loose from men and women who have served their country.

Unfortunately, we have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate's largest recipients of campaign cash from the payday loan industry. ...

At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. Lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan. But borrowers often must take out another loan to pay off the previous one ...

The Department of Defense has described payday lenders as "predatory" and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members.

That drove the industry to civilian clients and places such as California, where Charles Calderon had passed a bill that legalized payday lending, capping each loan at $300. Now he wants the cap to be $500.

Calderon, his brother and other lawmakers have raked in campaign contributions from the payday loan industry. The two Calderons received more than $81,000 from the industry between 2003 and 2011. ...

-- Merced Sun-Star (Nov. 7)

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It's Time to Do Away with the Payday Loan Industry ... - Cash Advance

Review of Editorials

Imagine how the Golden State would shine if it had lawmakers with the moral character of Holly Petraeus, wife of CIA Director and retired Army Gen. David Petraeus. Holly has become an impassioned advocate for returning military veterans. In that capacity, she has taken on for-profit colleges and payday lending outfits who are trying to shake dollars loose from men and women who have served their country.

On the other side

We have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate’s largest recipients of campaign cash from the payday loan industry. At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. Lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan. But borrowers often have to take another loan to pay off the previous one.

Predatory

The Department of Defense has described payday lenders as “predatory” and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members. That drove the industry to civilian clients and places such as California, where Charles Calderon had passed a bill that legalized payday lending, capping each loan at $300. Now he wants the cap to be $500. Calderon, his brother and other lawmakers have raked in campaign contributions from the payday loan industry. The two Calderons received more than $81,000 from the industry between 2003 and 2011.

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