McAuliffe Flip-Flops On Payday Lending
Yesterday, The Washington Post reported that Terry McAuliffe is receiving donations from the payday lending industry he attacked in 2009. Even though he once called the industry a disgrace, he has no issue taking their money.
Democrat Terry McAuliffe, who took a hard line against payday lenders in his bid for governor four years ago, has accepted their support this time around.
McAuliffe had a this week at the Alexandria home of Charles Halloran, in-house lobbyist for the Community Financial Services Association of America, the payday loan trade association.
During a 2009 Democrat primary debate, McAuliffe called payday lending a disgrace:
McAuliffe’s campaign, answering a question for once, says that there has been no policy change for McAuliffe:
“Halloran and Webster are both old personal friends who worked with Terry more than twenty years ago, there has been no change in policy from Terry,” Schwerin said via e-mail.
“He remains deeply concerned about the impact some lenders have on low income Virginians and would support efforts to dramatically increase protections for Virginia borrowers. Those protections could include tightening restrictions on frequency of borrowing, interest rates charged, and ratios of fees to total amount borrowed, among other protections. These protections would dramatically change the industry and would lead to more prosperous Virginia families.”

