Waterloo Passes Payday Lender Ordinance

A big win!

The Waterloo City Council voted 5-2, at its 3rd and final reading, to pass a tough and restrictive zoning ordinance cracking-down on payday lenders. This makes Waterloo the 8th city in Iowa to pass an ordinance.

CCI members helped make this happen.

Pat Morrissey, Waterloo City council member and CCI member who championed the ordinance said, "This ordinance is about the role of government and who we're elected to serve - big business and corporations or neighborhoods and everyday people.”

Payday lenders charge 300-400% interest rates and trap people in a cycle of debt that is nearly impossible to get out of. Members have successfully passed payday lending ordinances in several other Iowa cities, including: Des Moines, Iowa City, Cedar Rapids, Ames, Ankeny, and West Des Moines.

 This is one of many planned wins …

…to stop the expansion of payday lending operations. We have been working on a three pronged approach on the local, state, and federal level. Since Our efforts began in 2009, Iowa has seen a 21 percent drop in payday lenders in the state. This summer, the Consumer Financial Protection Bureau will begin public comment on payday rule making and then we'll be gearing up for the next legislative session, all while continuing to work on restricting the growth of payday lending throughout Iowa.