Payday lenders tout endorsement of...one of their own?
Ohioans for Financial Freedom, the payday lobby wreaking havoc on Ohio's electoral process, is touting the endorsement of someone close to their heart. The Ohio Grocers Association endorsed the efforts of the payday lobby to keep 391% interest rates this week.
Interestingly, Ohio Grocers Association President and CEO Tom Jackson is the father-in-law of none other than Check N Go's John Rabenold! Rabenold, a lobbyist for Check N Go ran for the Ohio state legislature, raised well over $100,000 of his nearly $250,000 haul for his primary campaign from the payday lending industry.
Read about Rabenold's loss in the Columbus Dispatch: http://blog.dispatch.com/dailybriefing/2008/03/payday_lobbyist_loses_despite.shtml
Here's an excerpt: Rabenold, a lobbyist for Cincinnati-based Check n' Go, was one of the top House Republican fundraisers despite not holding office. He picked up more than $100,000 from the payday lending industry - a group fighting hard at the Statehouse against proposed restrictions that would cap the current 391-percent annual interest rate charged in a typical two-week loan.
Looks like Rabenold and the payday lobby are struggling to get endorsements so they've resorted to pandering to family members for support.
Payday loans that charge 391% APR put added strain on our state's social service sector. Borrowers who become trapped in debt suffer to the point of using food pantries just to get by. Ohio's economy is struggling and nearly 10% of Ohioans require food stamps or emergency food assistance to meet their daily needs, yet the Ohio Grocers Association lets a predatory industry cloud their mission and good sense.
Don't let the payday lenders cloud your good sense! Vote Yes on Issue 5 for lower interest rates!blog comments powered by
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