Payday Lenders Shriek Away From Reform
President Obama travels to New York today to urge lawmakers to pass financial reform. But not all financial institutions are on board with the plan. The Payday loan industry, which is made up of lenders that offer short term loans, want to make sure that they are exempt from any new regulations. Advocates say that these lenders offer credit to those who may not get it from traditional banks while critics say that these organizations take advantage of the poor. Host Michel Martin speaks with Gerri Guzman, the executive director of Consumer Rights Coalition, an organization that advocates for all Americans to have access to credit, and Bill Cunningham, the chief executive officer at Creative Investment Research, an organization that tracks minority banks for more.