The mission of the roundtable is to discuss solutions to the problem of predatory payday lending practices in the state of Kansas. Morrison is concerned that predatory payday loan practices are creating cycles of debt with their annual interest rates as high as 400%.
"Congress has taken a good first step in protecting military personnel from predatory payday loans. I would like to see the same protections provided for the rest of Kansans," said Morrison.
A payday loan arrangement permits an individual to use a personal check to get a small, short-term, cash advance. Consumer advocates argue that the industry targets vulnerable consumers and encourages chronic borrowing.
Petraeus already led the fight to protect military personal from predatory lending by payday loan institutions. She is the Senior Program Consultant for BBB Military Line, a program of the Council of Better Business Bureaus providing consumer education and advocacy for servicemembers and their families.
“I am grateful that Holly Petraeus agreed to lead the fight to protect all Kansas consumers from predatory lending,” said Morrison. “She has helped our military men and women, and she will help find a fair solution to this serious problem.”
Petraeus is the wife of Lieutenant General David H. Petraeus, currently the Commander, U.S. Army Combined Arms Center & Fort Leavenworth.
Other participants in the round table will be announced at a later date.