San Jose City Council Restricts Payday Lending

May 16, 2012– In San Jose, CRC and our partners at the Public Interest Law Firm/ Law Foundation of Silicon Valley, Sacred Heart Community Service, the Alliance of Californians for Community Empowerment, the Asian Law Alliance, Catholic Charities of Santa Clara County, Step Up Silicon Valley and dozens of other community groups who are part of the South Bay Coalition Against Payday Predators (CAPP) passed a land use ordinance that restricts the growth of the predatory payday industry in San Jose. Specifically, the policy caps the number of payday lenders at the current number of 39 and prohibits any new payday loan operations from opening in low income census tracks. San Jose is the largest city in the nation to pass strong restrictions against the payday industry.

This victory comes after a 2.5 year advocacy and public awareness campaign, and will continue through on-going financial education efforts by local groups.

This work would not have been possible without the funding and support of the Silicon Valley Community Foundation.

For more information, or to get involved, contact Liana Molina, liana@calreinvest.org.

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