UAC Heads to Harrisburg

Date: 
June 25, 2013

 

With the new legislation regarding predatory short-term loans awaiting approval from the Appropriations Committee, the Coalition’s Community Economic Development (CED) Department recently represented UAC in Harrisburg as part of the “Stop Predatory Payday Loans in Pennsylvania” Coalition. If the legislation is approved by the Appropriations Committee, the bill will be pushed forward and await a vote from the full senate.

CED’s Program Manager of Anti-Predatory Lending (APL), Chanel Alexander and Patricia Smith,Senior Policy Advisor at The Reinvestment Fund (TRF), presented signed organization letters in opposition to SB 975 to the offices of  Senator Stack, Senator Tartaglione, Senator Washington, and Senator Williams. Alexander and Smith, along with representatives from Community Legal Services (CLS), AARP, and other advocacy groups met with Senator Costa’s Assistant Counsel, Thomas Lebo Jr. Representatives of the coalition urged senators to rethink the new bill and to understand that this so called “better bill” still has the predatory practices as the previous bill that was introduced last year which will keep borrowers in a cycle of debt.

Payday loans have a negative impact on the people being served by community groups promoting financial literacy. UAC’s mission is to build wealth in underserved communities and to give Philadelphians the tools to achieve financial stability. With easy access to payday loans, people will be less likely to improve their money management habits and continue to remain in debt. CED uses financial workshops as a way to provide assistance to those in need. By connecting individuals to the proper resources, community members can make better decisions regarding their finances.  With the right help, people are not dependent on quick schemes that will only cause harm.  

CED and the rest of The Coalition encourage community members to keep contacting their senators to ensure that the micro-loan legislation does not enter Pennsylvania.