Civil Rights Groups Defending Predatory Lenders: Priceless
This article is a must-read, especially in today’s turbulent economic times.
Several prominent civil rights groups have not only been taking money from payday loan and subprime credit card companies that target people of color with their predatory lending schemes, they’ve actually been actively lobbying to allow them to do even more business.
Three years ago, Al Sharpton went so far as to appear in TV commercials for LoanMax, a company that specializes in auto-title loans, whose 300 percent interest rates consumer advocates consider deeply predatory. CompuCredit has participated in Jesse Jackson’s Rainbow/PUSH Coalition’s career fairs and economic summits. Local affiliates of the National Urban League, one of the nation’s oldest civil rights groups, have worked with the payday lending industry trade group, the Consumer Financial Services Association (CFSA), to conduct financial literacy seminars. Denise Harrod, CompuCredit’s vice president, has served on business committees of the National Conference of Black Mayors and the National Black Caucus of State Legislators, both of which have received money from the payday lending industry.
Truly, truly shameful.
(h/t Ta-Nehisi Coates).


Update:
Carmen Van Kerckhove is co-founder and president of