ACORN Members Applaud Enforcement of Payday Lending Rules, Call for Stronger Consumer Protection

TORONTO, ONTARIO--(Marketwire - Feb. 6, 2013) - CBC News has reported that Ontario's Ministry of Consumer Affairs is taking action against Cash Store Financial Services in response to alleged violations of the Payday Loan Act.

The Payday Loan Act was passed 2008 in response to nearly three years of work by ACORN members across the province.

Ontario ACORN applauds this enforcement action. People are forced to rely on payday loans in low and moderate income neighborhoods everyday in Ontario. This is a situation created by low wages and inaccessible banking services.

ACORN members are continuing to call for affordable financial services to be made available through Canada's credit unions and banks.

"After five years, it's encouraging to see the Ministry taking action against one of the more predatory payday lending companies. It is our hope that political leaders keep working to deal with the root causes of this problem - low wages, and the high cost of financial services for low and moderate income people," said Kay Bisnath, chair of Ontario ACORN.