Michiganders for Fair Lending is disappointed in the Board of Elections staff report finding that this year’s petition drive fell short of the signature requirement. As has been widely reported in the news, this was a tough year for all petition drives in Michigan.
Despite this disappointment, the coalition for fair lending remains motivated and dedicated to payday lending reform.
Because of this year’s effort, the fair lending coalition is larger and stronger than ever. Michiganders for Fair Lending spoke to more than half a million people in Michigan about the need to stop payday lenders from preying on vulnerable people in this state. Over 35 new organizations have joined the effort, including chambers of commerce, local credit unions, community organizations, mayors, and more. What’s more, the state Black Leadership Advisory Council, in an official report to Michigan state Government, identified payday lending reform as one of the solutions necessary to stop inequities and to promote economic growth and wealth equity for the state’s Black community.
Moving forward, we will be urging our stakeholders to hold local candidates accountable by urging them to support payday loan reform as part of their campaign platforms. We will also be working as a coalition to push forward reform in the legislature to ensure predatory lenders stop taking advantage of hardworking Michiganders.