Davis Calls on Cash America Exec to Step Down From State Commission

December 30, 2013
Fort Worth Star-Telegram 
payday lending news

In Texas, Sen. Wendy Davis (D-Fort Worth) has called for Cash America executive William J. White to resign as chairman of the Finance Commission of Texas, a state panel with authority over lending institutions. Davis spoke out after an article in the El Paso Times quoted White as blaming borrowers, rather than payday lenders, for getting caught in a cycle of debt with the high-interest loans. She said that White’s 2009 appointment to the commission was a “blatant conflict of interest” and noted that Fort Worth-based Cash America recently settled alleged abusive practices with the federal Consumer Financial Protection Bureau, agreeing to pay $19 million in fines and refunds.

"William White can’t protect Texas consumers while he represents a predatory lending company on the side," Davis said in a news release. "Mr. White should resign from his post — and if he won’t, Governor Perry should remove him." A Cash America spokeswoman said the company hired White after he retired as a lobbyist in Austin and that the commission required him to be affiliated with a consumer credit organization.

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