November 2, 2009
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For An Update -- November 2, 2009
A FOLLOW-UP REPORT ON THE
ASSAULT AGAINST PAYDAY LENDING IN ALABAMA
ALABAMA ARISE, CENTER FOR RESPONSIBLE LENDING, CONSUMER
FEDERATION OF AMERICA, AARP AND OTHERS HOLD LENDING SUMMIT IN
MONTGOMERY
BACKGROUND
On September 24, 2009
Alabama Arise,
the
Center for Responsible Lending, the
Consumer
Federation of America,
Appleseed,
AARP,
Hank Klein and a whole host of others held a "short term credit"
summit in Montgomery (click on image to read more or
click
here
for the meeting agenda). It turns out
that the primary goal of this meeting was the repeal of the
states deferred presentment statute. It was a well
organized event with legislators and adversary activist from
around the country. In fact, it is incredible that all of
these national and local, well-funded actors appeared in
one single place at one time to fight for our demise!
These are very powerful groups with their own self-serving
motives who use us and, more important, our customers for their
own personal gains.
MEDIA COVERAGE
Since the event less than ten days ago the press has been filled
with articles. Listed below is what we have seen to
date along with our replies to these one-sided attack articles.
As you know, the play book for our adversaries is to begin their
assault on a state with a barrage of one-sided media attacks
against us. If these primarily fabricated stories are
allowed to go unchallenged, we lose as we have seen in state
after state around the country.
WSFA-TV - September 24, 2009. An interview with
Oliver Robinson
,
our
Borrow Smart financial education trainer,
regarding Borrow Smart financial literacy. Notice
that this training was held on the
actual day of the Arise conference (click on image to view) and
received quite positive media coverage to counter their
self-serving attack!
Tuscaloosa News - September 27, 2009.
An Arise article
regarding payday lending. This same article appeared in
the Anniston Star. We have responded to both articles.
Here is our reply as it appeared in the Anniston Star.
Tuscaloosa News - October 2, 2009. This is our
reply to the article immediately above as it appeared in the Tuscaloosa News on the 27th.
Montgomery Advertiser - October 1, 2009. An article
from a reader attacking payday lending. We have responded
and will link to it here when it is published.
Montgomery Advertiser - October 2, 2009. The Advertiser
covered Borrow Smart
educational training at Carver High in Montgomery five days
after the Arise summit. Click on the image
to read the story.
Birmingham News, October 4 2009. The Birmingham News
picked up the same Arise article from above as it was published in Anniston and
Tuscaloosa.
We have responded, as we have with the other attacks. Check back
for a link after the News has published our reply.
October 12 Update
-- The Birmingham News provided us with equal coverage in our
response to the Arise/CRL attack (top of fold) on an equal day
(Sunday). We were treated fairly and the response was well
done. Click on the image to read the full article.
CONCLUSIONS AND WHAT'S NEXT
November 2 Update
-- This is NOT going away! The attorneys (Appleseed), Arise and all of
their cohorts (CRL, the
Consumer
Federation of America,
AARP, etc.) who organized the original attack
are clearly planning to strengthen their attack against us.
Their hoped for goal is the
same outcome they have seen in over 15 other states (the end of
our industry).
Click here to see more from Appleseed.
We know
their play book well. Click on the image on the right to see
exactly
how it all unfolds and where it will lead if we do
nothing! This is not a battle in
the statehouse (yet),
but a battle in the minds of the public and an attempt to
influence the public against our customers (who use and
appreciate our service) and against our industry. From the public
house, we clearly expect it will move to the statehouse.
Of course, if the public battle is successful, it clearly will
impact the action in the statehouse, you know.
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October 12 Update
-- While the Arise/CRL attack was well orchestrated and is
precisely what you would expect from our self-serving
adversaries, our response has been swift and effective.
Our reply and/or positive coverage for our customers and for our
industry has appeared in every single paper that printed the
original Arise/CRL attack article, thanks to our immediate
response directly with the press. We know that many
important people read our response to the one-sided attack and
understand it for what it is.
While Arise/CRL chose to attack us and our customers directly,
we have chosen to develop programs to protect our customers in
the Borrow Smart member organization. It is too bad
Arise/CRL offers no alternatives for our customers other than an
outright ban on a service that is used wisely by customers
thousands of times a day throughout the state. And, used
with virtually no complaints as reported by the Alabama State
Banking department who regulates our industry.
Members can go to
www.CouncilForFairLending.com and click on the CFL News tab.
There you will find our assessment, comments, up-to-the-minute
news and much more about what this unprecedented, all out assault from both
local and national groups means for our industry and for you as
a company.
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www.BorrowSmartAlabama.com
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