Mayor Parker advances payday lending ordinance

Tipping my cap; she's off to a great start in pushing a progressive reform agenda in her final term with this.

"I had initially favored a Houston-specific measure, but decided that joining with other Texas cities in a united front on this issue is the best way to send a strong message to the Texas Legislature," said Mayor Parker. "Lenders deserve to make a profit on their investments, but not by charging astronomical interest rates to desperate consumers who have nowhere else to turn for emergency financial assistance. The statewide model I am recommending for approval by Houston City Council achieves this balance."

While making the announcement at Houston city hall on Friday, the mayor was surrounded by a broad coalition of community leaders who say they are concerned that these loans keep the most vulnerable trapped in a cycle of poverty.

Houston City Council will be briefed on the mayor's proposal on Dec. 4. The first opportunity for a vote will be on Dec. 11.

She keeps this up and and she'll go down as the best mayor in this city's long history.  More from Charles, Stace, and Noah.

Update: In case anybody was wondering about my about-face, this is why.

(Parker) brushed aside concerns about inviting a lawsuit, saying the city is sued daily, and did not finesse her message to the industry.

"They have said they will move outside the city limits of Houston, and I say: Don't let the door hit you on the way out," Parker said. "This is not about making a reasonable profit. This is about preying on vulnerable human beings and making an obscene profit."

That's called 'boom' and 'thud'.  Two hits: the mayor hitting the payday lenders, and the payday lenders hitting the ground.