In response to the Iowa CCI’s press release, the Fairness To Payday Lenders Society issued their own release. Mysteriously, this release was pulled by the news agency that originally released. We suspect that the Iowa CCI realized they had no rebuttal, so they moved to censor free speech.
Shame shame, CCI. What are you afraid of? Honest debate? Wouldn’t surprise me.
FOR IMMEDIATE RELEASE:
Jackson Strain, bizmaven9@gmail.com
Office: 310-393-4111
Payday Lenders to CCI Members: “Enough Most Certainly is Enough!”
Tuesday, June 16, 2009 – Des Moines, Iowa – The Fairness To Payday Lenders Society (FTPLS) informed the Members of Iowa Citizens for Community Improvement (CCI) today that they are in agreement that “fair lending in the community does not include crushing interest rates, unrealistic payback periods and misleading advertising, and everyday people deserve access to good, affordable credit, ” and that payday loans do not fit this criteria.
CCI was educated on the economic basics of short-term unsecured loan rates, in which FTPLS demonstrated that, because of average monthly store overhead of $8,000 and default rates of 6%, it is impossible for payday lenders to offer short-term unsecured loans for less than what Iowa law currently permits. In addition, CCI was educated that consumers pay a fee for payday loans, rather than interest. Only because the Truth in Lending Act requires that an APR be identified with the product is any interest rate even mentioned. CCI was further educated that every non-partisan study ever conducted has proven that customers base their borrowing decision the flat fee charged for the loan, not the APR.
FTPLS was also proud to enlighten CCI that payback periods are realistic by the consumer’s own standards, and that any lender who is a member of the Community Financial Services Association (CFSA) permits customers to utilize an extended payment plan.
FTPLS also informed CCI that it appreciates CCI’s presentation of their own loan product, and is pleased that competition has entered the market, which only benefits consumers. The Society feels certain that the free market will determine what product suits customers best, and that paternalistic government policies should not eliminate choices that CCI does not agree with.
FTPLS went one step further than CCI, calling on state regulatory agencies to sanction any lender engaging in misleading advertising.
In response to CCI Member Misti Craig’s statement that, “It looks like these lenders don’t see us, the community, as a priority”, FTPLS reminded Ms. Craig that she does not speak for, nor represent, the community, and she certainly has no authority to speak on behalf of the tens of thousands of satisfied payday loan customers. FTPLS reminds Ms. Craig that nobody is forced to take out a payday loan, or any other form of credit. Given the 154 million payday loan transactions that occurred nationwide in 2008, consumers recognize the value of the product and do not need Ms. Craig’s help to make their credit decisions.
In addition, FTPLS reminds CCI that the claim that “borrowers are frequently caught in a cycle of debt” is a myth — readily debunked by SEC filings from payday loan companies which show that 94% of all loans are repaid on time.

















15 users commented in " What is the Iowa CCI Afraid Of? "
Follow-up comment rss or Leave a TrackbackLawrence, who is the FTPLS? I suspect the news agency who originally published their press release realized they aren’t a real organization and pulled the release.
Let’s see if you even publish this comment or if you will be the one to censor free speech…
Christy, I agree! A search for “The Fairness To Payday Lenders Society” turns up nothing but this press release and where it has been quoted on this and other blogs. Surely an organization with such media savvy as to issue a press release such as this would have… I don’t know…a website, other press releases, a presence on blogs or online news media or any other documented evidence that they have EVER existed before their appearance in this obviously phony and poorly written release. Mr. Meyers, your dubious personal ethics code and suspect connections aside (PDL Capital what?), you should still have some modicum of journalistic integrity to CHECK YOUR SOURCES!
Perhaps the question is, who are YOU afraid of??
Spencer:
First, I find it interesting that you — a complete stranger who is too cowardly to even list a last name — lectures me on a “dubious personal ethics code”. As far as I know, you do not know me, you have never met me, and you are not in a position to judge my personal ethics. Based on your petty comment, I would not want you in a position to judge a 3rd grade talent competition.
But since we are casting aspersions, it sounds to me like you are a member of the Iowa CCI or other payday lending opponent, who is more interested in pressing forward their ideological agenda and bullying local businesses with baseless press releases, than an upstanding person interested in open dialogue.
The FTPLS needs no more credentials — public or otherwise — to have a right to exist. Certainly the fact that the Iowa CCI is engaging in tortious interference with legitimate business, perpetuating easily-debunked myths, and seeking to harm the free choices of thousands of Americans, I find it ironic that CCI considers itself legitimate or above the law.
As for “suspect connections” — what about a private equity firm is it that makes it “suspect”, exactly? Would it be any more suspect than a coward who hides behind the anonymity of the internet to throw petty insults? Or would it be more suspect than an organization that — as I said — harasses local businesses that provide a highly popular, useful service?
How would the Iowa CCI feel, I wonder, if it were besieged by people who thought they should be shut down? Perhaps every payday lender and payday loan customer should pay a visit to CCI and deliver their own letter TO LEAVE THEM ALONE?
So Spencer, whenever you are ready to set aside the foolishness, come into the open and tell us who YOU are and who you represent, maybe then we can get somewhere.
Until then, I will stay here, up on the moral high ground.
And….Spencer vanishes into the Coward’s Sinkhole.
To BNN–
From your editorial policies page:
“If you believe that something you read on BNN is offensive or factually incorrect, then please leave a comment about it on the post in question. You do not need to register at the site to write a comment.”
Meyers is factually incorrect because he’s quoting a press release from a group that doesn’t exist. Meyers is being offensive because he’s lying and because he’s insulting people who call him on his lies.
Dear Mr. dePloomb:
As was stated on the most recent posting, we most certainly do exist and find it troubling that you declare that we do not.
While we recognize you as someone who is opposed to the payday loan industry, we are happy to discuss the matter with you. Just contact me at bizmaven9@gmail.com
Jackson Strain
Spokesman
I don;t care about the payday loan industry, if poor and desperate people want to make deals taht leave them poorer and more desperate, that’s they’re problem. What I care about is that your apparently misleading people by making up an organization that doesn’t exist except as a web page.
BNN– do you care that one of your bloggers is lying to your readers?
And by the way, Mr. Strain– I think your really Meyers. What were you sayimng about Spencer being a coward because he wasn’t giving his real name?
Mr. dePloomb, it’s really rather easy for you to contact me. If you prefer to provide me with a phone number, I would be delighted to discuss this with you.
Sorry, I prefer ony to talk to people who really exist, Mr. “Strain.” Your the one whose good at making up imaginary organizations, I try to live in the real world.
“Mr. Strain” -
1. Are you aware that the office number listed for you is a fax number?
2. Why does a Google search of you
Mr. Strain -
1. Are you aware that the office number listed for you is a fax number?
2. Why does a Google search of your organization and name turn up nothing?
(apologies for the previous, I accidentally hit send prematurely)
Oh, and…
3. Is it just a complete coincidence that the FTPLS blog was started a few days ago, just shortly after its actual existence was questioned by commenters here?
Anybody do a reverse search for the office number listed for “Jackon Strain”? You’ll never guess…
So, Mr. Meyers– how are you liking the Cowards Sinkhole?
The dePloomb family needs psychiatric assistance.
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