Sen. Bob Corker has garnered praise in some quarters (including Metro Pulse) for his willingness to work with Senate Democrats on financial regulation. But being at the bargaining table has its advantages--you can strike some bargains. The New York Times reports today that Corker has managed to shield the payday lending industry from serious oversight by a proposed new financial consumer protection agency. Yes, it's hard to imagine why anyone would need protection from an industry that routinely charges low-income borrowers up to 400 percent interest.
But it's easy to see why Corker might consider the lenders a force for good: According to the Times, he has received "at least $31,000" in political contributions since 2001 from longtime supporter W. Allan Jones and his associates. Jones, of Cleveland, Tenn., owns Check Into Cash, the country's third-largest payday-lending outfit. And political contributions don't come with an interest rate.
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