PHOENIX -- The Arizona Credit Union System said Thursday it expects to have representation at a noon rally today on the state capitol grounds highlighted by a new call by state Attorney General Terry Goddard to defeat a ballot measure aiding the payday industry.
The league said it plans to have CU leaders present at the rally sponsored by Arizonans for Responsible Lending urging a no vote on Prop 200 labeled by the attorney general as "deceitful" legislation enabling predatory loan rates of 400% or more in 2010.
Goddard, a Democrat, said he hopes Arizona voters will "see through the smoke and mirrors of a business based on deception" to reject the Nov. 4 ballot referendum pursued by the payday lobby under a $12 million saturation TV ad campaign touting Prop 200 as a "measure to reform the payday industry."
As part of the anti-Prop 200 campaign, also joined by AARP and consumer groups, radio ads began appearing on five Phoenix and Tucson stations featuring Goddard's anti-Prop 200 comments.
At the rally Goddard has said he expects to expose Prop 200 as "an industry-written measure with no real reform and the unfortunate impact of canceling the coming expiration of a 2000 law that allows payday firms" to charge the predatory rates above a 36% limit.
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