Left-Wing CU Execs Get the Federal Government to Shut Down Competition

The Free Beacon published a story on how left-wing credit union executives have benefited from their lobbying the Federal government to shut down their competitors.

The article focuses on Martin Eakes, the founder of the Center for Community Self-Help (CCSH) in Durham (NC), and his efforts to shut down payday lenders that competes with Self-Help Credit Union, which is a division of CCSH.

The article discusses the role that Eakes and others associated with the Center for Responsible Lending, which is also aligned with CCSH, have played in advising the Federal Deposit Insurance Corporation with regard to Operation Choke Point -- an effort to eliminate the ability of businesses that federal regulators deem distasteful, exploitative, or dangerous to obtain financing from banks.

The article further points out that by restricitng payday lenders through regulation or legislation Self-Help Credit Union has benefited from these actions.

Read the story.