REP. TOM MACARTHUR ONCE AGAIN PROTECTS PREDATORY PAY DAY LENDERS

Last year, MacArthur voted to delay critical protections from predatory lenders for U.S. troops – including at Joint Base McGuire-Dix-Lakehurst - and their families

(Trenton) -- South Jersey Congressman Tom MacArthur is once again protecting predatory payday lenders instead of his constituents, say New Jersey's Democratic Chairman.

Earlier today, MacArthur voted to gut protections that prevent payday lenders from abusing their access to Americans’ bank accounts. Although MacArthur again revealed his true colors today, his vote is not surprising.

Last Spring,MacArthur voted to delay critical protections from predatory lenders for U.S. troops – including in his district at Joint Base McGuire-Dix-Lakehurst - and their families. After coming under considerable fire at home, MacArthur scrambled to whitewash his record.

“Just like he shamefully sided with predatory payday lenders over the troops at Joint Base McGuire-Dix-Lakehurst and their families, Congressman Tom MacArthur is once again protecting pay day lenders – this time from accountability for their abusive practices,” said John Currie, Chairman of the New Jersey Democratic State Committee. “Tom MacArthur’s record makes it all the more clear that he cares about protecting pay day lenders more than he does about our troops and South Jersey middle-class families.”


Background:

MacArthur Voted To Delay Closing Loopholes That Would Protect Troops From Predatory Lenders. The Burlington County Times reported that, “Another controversial amendment concerned rules for institutions lending to military families. Existing Department of Defense rules cap the interest that can be charged at 36 percent, but some lenders have found ways around the limit. New rules were written to try to close the loopholes, but language in the Authorization Act sought more information to ensure legitimate lenders weren’t unfairly impacted. Concerned that the language could delay implementation of the new rules, Illinois Democrat Tammy Duckworth proposed an amendment to scrap the language. It narrowly passed 32-30, carried by all 27 Democrats on the committee and five Republicans. MacArthur voted against the amendment.” [Burlington County Times, 4/30/15]

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