Quantcast

Wendy Davis Says Official Should Resign for Lending Views

Get the WebProNews Newsletter:
Wendy Davis Says Official Should Resign for Lending Views
[ Finance]

On Monday, State Sen. Wendy Davis suggested to Gov. Rick Perry the resignation of William J. White, chairman of the Texas Finance Commission.

White was appointed by Gov. Perry in 2011 to chair the Office of the Consumer Credit Commissioner, an agency built on the bases of protecting loan borrowers from the rapacious and faulty practices of lenders.

Oddly enough, White is also vice president of Cash America, a major payday lender accused of making money off the poor.

Davis’ proposal ironically stems from a statement by White she views to be insensitive towards consumers, revealing a complete contradiction to his leadership role in the Office of the Consumer Credit Commissioner.

In a past report by El Paso Times, the official said that consumers are responsible for their own debt caused by loan entrapment.

In response to city Rep. Susie Byrd who believes that Cash America purposely payout out loans to desperate borrowers unable to make consistent repayments, White implies that payday loan consumers are accountable for their own debt.

“People make decisions. There’s nobody out there that forces anybody to take any kind of loan. People are responsible for their decisions, just like in my life and in your life. When I make a wrong decision, I pay the consequences,” he told El Paso Times.

Cash America was fined $19 million by the Consumer Financial Protection Bureau last month for abusive practices.

Davis deems that White’s role in both areas is simply a conflict of interest.

“William White can’t protect Texas consumers while he represents a predatory lending company on the side,” Davis said.

However, in a statement by Yolanda Walker, vice president of public relations and corporate communications, she defends her fellow Cash America colleague:

“Bill White is an employee of Cash America and holds the title of vice president of Government Affairs. He came back to work for the company after retiring in 2004. Prior to retirement, Bill lobbied the Texas Legislature for many years, during which time he built a solid reputation in Austin and developed strong relationships with government officials…The Governor’s office recognized him as a good fit for one of the executive seats with the Texas Finance Commission. One of the requirements for that seat states that Bill must be affiliated with a consumer credit organization, which he is through Cash America. Bill does not work with specific lobby teams, but members of the Finance Commission are regularly contacted by bankers, mortgage bankers, savings and loan representatives and consumer credit organizations…Cash America does not see his appointment to the Commission as a conflict of interest.”

A video recapping the scrutiny Cash America faced in November:

Image via Facebook Fan Page

Wendy Davis Says Official Should Resign for Lending Views
Top Rated White Papers and Resources
  • bb059

    It might be a conflict of interest…
    but stating that people are responsible for their own actions is simply logical
    A lib like Davis doesn’t understand that…she’s a ‘cradle to grave” advocate of government.

  • They are all corrupt

    Don’t people get it yet? They are all corrupt. ALL politicians are corrupt to the core.

    By the way, isn’t this the crazy woman that talked for a day about killing babies. I wouldn’t trust anyone who can stand for ours and talk about how killing babies is a good thing for society.

    We have aborted 54 million babies since Roe vs Wade. Think of all the artists, writers, saints, builders, musicians, doctors, scientists, and just generally good people we have snuffed out before they were even born.

    • @They are all corrupt

      There are men serving decades in prison for fist fights, smoking pot, stealing copper, and going to meet someone from the internet when a person didn’t even exist and literally nothing happens.

      Yet, a woman can kill a baby and be considered a hero to the “feminist cause”. She can snuff out a life and walk free.

      Go to an abortion clinic. Open the waste bags. See the little hands, fingers, and arms. You tell me there is not a victim. I dare anyone in favor of abortion to go open those bags.

      But they won’t. The don’t want to see what they are really doing.

      • @They are all corrupt

        Here I will make it easy for all of you to see what an abortion looks like. Just put this in your browser.

        priestsforlife.org/resources/abortionimages/

        • rubi solaris

          Have you ever seen what the depleted uranium armanent
          the US uses in Iraq causes to un born fetuses. Google
          it, then you can talk!

  • Larry St Croix

    Hello!

    This is not about abortion, it is about predatory lending practices and putting the fox in charge of the hen house.

    Is this plain pay-to-play politics and ‘maybe nobody will notice’ or poor management and a ‘who cares’ attitude? Is this the way Texas wants to be seen? Corrupt?

  • brynimagire

    Does Ms. Davis have a plan to extend credit to the un-lendable, to replace the payday lenders? If so, I’d rather hear more about that.