Robert L. Johnson Addresses Congressional Staff and Urges Legislators to ...
, Founder and Chairman of RLJ Companies, called for a national dialogue from members of Congress to address the need for better and improved financial services options for Americans to low and moderate income who rely heavily on payday lenders for financial transactions. Johnson also called for a renewed commitment to provide opportunities for employees and companies with minority minority OppsPlace.com, the site of choice for companies seeking to attract minority job seekers and minority businesses using the accessibility of the Internet.(Logo: http://photos.prnewswire.com/prnh/20100907/PH60132LOGO)
"We all know that payday loans is never the best option, but often it is the type fastest and most affordable loan option available for people in need of financial assistance and a short notice. These loans often include costs and interest rates that credit card rival and is never the best choice for long-term financial needs. This is why I am urging Congress to put more emphasis on national payday loans and predatory lending practices that low-income families to moderate impact, especially African Americans."
Johnson cited the recent study by the FDIC, nearly 60 million American adults are "underbanked", meaning they do not have a bank account or use alternative financial services. More than half of U.S. households in Africa are under-banked Americans and Africa are six times less likely than white Americans to have a bank account. Millions of Americans working to count on payday loans to cover unexpected bills, make repairs to their cars, or for urgent medical expenses.
"Our financial system did not work for an entire class of hard working Americans and recent regulatory changes can make financial institutions even more reluctant to serve this growing population. Individuals with low to moderate income who live check- to pay, having lost access to financial products that help to establish or recover financially and I am looking at alternatives to payday loans that we know today.