![]() More than 70 cities in Texas have possessed ordinances restricting payday lenders. “That's just so sad to put that in there and say, ‘This is the only community support we have for you.'” “It takes over an hour on a bus to get to fresh food, but you can walk to a payday lender and auto title,” Rosedale said. ![]() Data is via the Texas Office of Consumer Credit Commissioner. ![]() Payday lenders often congregate in poor neighborhoods.įort Worth Report This graphic depicts six ZIP codes within Fort Worth and the proportion of people in poverty and payday lenders. ![]() Both also operated payday lending stores until they retreated in response to state and federal regulations. Fort Worth-based FirstCash and Cash America, which merged in 2016, operate a large chain of pawnshops across the country and around the world. Historically, Tarrant County has been especially resistant to regulation. Texas has the highest interest rates in the country at 664% calculated on a $300 loan, according to the Center for Responsible Lending. In Texas, regulation at the local level attempts to make up for a lack of limits at the state level. In the coming weeks, the new council member said he would review past ordinances and speak with state representatives to determine how to best address the issue of payday lenders. The council has the power to change this, he said. He said lenders in his district take advantage of borrowers and stamp out positive development in underprivileged areas. He became aware of the problem two years ago when multiple aggressive payday lenders moved into empty storefronts off of Lancaster Avenue. Nettles represents many of the communities targeted by payday lenders. In 2016, Arlington went further by requiring new businesses to stay certain distances from residents, major highways and each other.ĭistrict 8 Councilmember Chris Nettles succeeded Kelly Allen Gray, who voted for the ordinance in 2019.
0 Comments
Leave a Reply. |