California Democratic Representative Brad Sherman Promotes Value of Payday Loans

CUNA Governmental Affairs Conference attendees were abuzz about the usual credit union advocacy issues, such as raising the member business lending cap and protecting the credit union tax exemption.

Cybersecurity emerged as the most prevalent theme, however, and nearly every general address speaker covered the topic. Credit union executives attending the event said the issue was top of mind for them, too.

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Rep. Brad Sherman (D-Calif.), a member of the House Financial Services Committee who spoke in a general session at the GAC, said while the CFPB has a role to play in addressing payday lending issues, many politicians do not understand the benefits of such loans because they do not need them.

“I think there’s a role for the CFPB in payday lending. At the same time we've got to make sure we don’t cut off that. See, people get involved in public affairs because they're already able to take care of their families. The people involved in public affairs are not people who don’t have an extra $700 to fix their car,” Sherman said.

“So many of the people making the decisions do not ever need a payday loan and don’t understand (the need for payday loans). Isn’t it terrible that you paid $50 to borrow $400? Well, not if it keeps the lights on in your house. Do you know what the fees are to get reconnected? People in public affairs don’t know. People are in the political world always have the $400 to pay their light bill,” he added.

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