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■ 03 July 2009 | 5:00 AM

Va. Black Caucus is AWOL

IT IS A SAFE BET that the average American would view an interest rate of 36 percent on small loans as unfair, anti-social and downright usurious. Yet payday lenders in Virginia charge borrowers an interest rate of nearly 400 percent APR on small loans, and efforts by the General Assembly to impose a generous (generous to lenders, that is) annual interest rate of 36 percent over the past three years have failed.

There are several reasons for this annual failure, including the cozy relationship of some influential members and leaders of the General Assembly with payday lenders. Such relationships should be no surprise. What is surprising, however, is the annual lack of leadership, participation or support by all members of the Virginia Black Caucus, in that working-class African Americans are a favorite target of payday lenders, whose business plan is to entrap borrowers in a cycle of debt.

Predatory payday lending will be on the agenda in the next session of the General Assembly, with an effort to cap these loans at 36 percent. The real question is whether the Black Caucus will show up, be united and represent the interests of their constituents and of all working-class citizens of Virginia.

Julian Bond

Washington, D.C.

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The goal

Submitted by charlesm on Sun, 07/05/2009 at 1:04 pm.

It just seems that racism and racist activity will never die. It is such a neat way to keep fanning the fires of hate and anger and keeping folks from getting together for the mutual benefit of society and trying to get the upper hand on things. Equality is not the goal. Superiority and control is the goal.

Blacks only?

Submitted by jamesk79813 on Sat, 07/04/2009 at 7:44 am.

Mr. Bond, are you saying that only blacks are affected by payday lenders or that black legislators should look out for the black community by stepping in and making rules to protect blacks? Either way it sounds like you believe blacks are not capable of making decisions on their own.

Jim King

I believe

Submitted by steveh3 on Sat, 07/04/2009 at 8:09 am.

that this Mr. Bond is the NAACP chairman of that racist organization that doesn't even live up to its charter statement:

"Vision Statement
The vision of the National Association for the Advancement of Colored People is to ensure a society in which all individuals have equal rights and there is no racial hatred or racial discrimination."

If he were truly interested in the effects of payday lending, he wouldn't be singling out the congressional black caucus.

Corruption Permeates All Sectors of Our System

Submitted by A Markowitz on Fri, 07/03/2009 at 1:29 pm.

People caucus around shared interests -- African Americans have a special interest in overcoming disadvantages based on racism. Unfortunately no segment of this system is immune to corruption.