Los Angeles, California (PRWEB) June 25, 2012
As the president and certain members of Congress continue to vocalize their intent to enact federal caps on payday loans, members of the short-term financing industry are reaching into their wallets to pay off politicians. Lobbying efforts often fly under the media’s radar, but Loans.org compiled data produced by the Center for Responsibility and Ethics in Washington (CREW) and created a side-by-side analysis of the payday loan industry’s campaign contributions over the last two election cycles.
What they found was that the top three recipients of the payday industry’s contributions in both 2008 and 2010 were Democrats.
“Many might expect that Republicans benefit most from payday lobbyists, given the fact that Republicans are often associated with bankers, but surprisingly, over the past few election cycles, payday loan lobbyists have favored representatives from the Democratic Party,” according to Loans.org article.
Interestingly, the industry seems to have targeted both those who vehemently oppose payday loans, such as Rep. Kendrick Meek (D-Fla.), and those who have historically supported them, such as Rep. Pete Sessions (R-Texas).
Contributions appear to have also been given to those in positions of power, even if they didn’t have any notable affiliations or ties to the industry. Included in that group was Senate Minority Leader Mitch McConnell (R-Ky.), who very vocally opposed President Obama’s recess appointment of the Consumer Financial Protection Bureau’s director.
The total contributions made to the top-10 recipients by the payday loan industry in 2008 came out to over $270,000. That number increased substantially in 2010, as the total contributions to the top 10 recipients came out to over $343,000 that year.
Since 1995, all lobbyists have been required to disclose their paid contributions to the Office of the Clerk as a part of the Lobbying Disclosure Act of 1995.
To learn further about the payday lending industry and other borrowing issues, you can go to http://loans.org/payday to find a frequently updated library of financing information. Additionally, prospective loan applicants can access a free-to-use quote-comparison generator that is designed to help consumers receive the lowest interest rates possible.
To access the full article on the payday loan industry’s campaign contributions, readers can follow the “Articles” link at the top of any page on the site.