Payday loan limits win backing from Waco board, 5-1 | Economic news
“The community has come together,” he said after the meeting. “It was democracy working at its best. It was a privilege for me to be a part of it. “
City Councilor Kinnaird, a banker, said he supported the goal of restricting payday lenders, but not the ordinance.
“I totally agree that this is an issue that deserves our attention,” Kinnaird said. “The industry as a whole needs regulation, but it is better to do it at the state level. As a city, we do a lot of things very well, but I don’t think financial sector regulation is one of them. “
City Councilor Kyle Deaver said he shares Kinnaird’s reservations about the city’s practical ability to regulate lenders, but is willing to give it a try. He praised Kinnaird for getting the ball rolling for a nonprofit “community lending center” that now serves hundreds of Waco City and School employees with low-interest alternatives to payday loans.
Mayor Malcolm Duncan Jr. has said the state is the appropriate level of government to regulate payday lenders, but he doesn’t want to wait for lawmakers in Austin. Duncan said the city must continue to push for state regulation.
“We must continue our efforts in this vein, but in the meantime we have seen evidence that in the 30 cities that have adopted this ordinance, it has made a difference in access to these businesses,” he said. he declares. “This is the first step we can take as a community.