Payday is everyone's favorite time, especially for former congressional aide Charles Halloran. The ex-chief of staff to former Rep. Tim Mahoney (D-Fla.) recently filed as a first-time lobbyist for one of the largest payday loan trade associations in the country.
Halloran will represent the Community Financial Services Association of America as its Chief Policy Officer. According to the CFSA's website, "CFSA member companies represent more than half of all payday advance stores and are located in neighborhoods across the country.... Today, more than 19 million American households count a payday loan among their choice of short-term credit products." This is Halloran's first trip through the revolving door, although he has spent many years working in Democratic politics.
Payday lending is a controversial practice because critics say the lenders prey on society's most vulnerable and charge exorbitant interest rates. The lenders counter that they are offering an important service to those who might not qualify otherwise for credit.
Rep. Mahoney was a one-term wonder, having lost his seat after accusations that he had tried to conceal an extramarital affair with hush money. He had replaced Rep. Mark Foley (R-Fla.), who lost his job after his own sex scandal involving congressional pages.