A new attorney with the Mississippi Center for Justice, Scott Colom will spend the next two years working to combat predatory payday lending in the state. Colom is the recipient of a prestigious Skadden Fellowship, which helps new law school graduates enter public-interest fields by paying their salary for two years.
A native of Columbus, Miss., and a 2005 graduate of Millsaps College, Colom draws his motivation for public-interest work from the post-graduate year he spent teaching in the South American country of Guyana. He attended law school at the University of Wisconsin, and says that the chance to do valuable work in his home state was too great to pass up.
During his fellowship, Colom will develop an alternative short-term loan and a financial-education program. He will also investigate possible litigation strategies to keep lenders responsible, which he says would rely more on federal than state law.
"We're trying to provide an alternative that is not aimed at maximizing profits but trying to put people in a better financial situation," Colom said. "There are examples of this across the state. You can charge a much lower APR (annual percentage rate) and offer people a much better repayment term and still operate."
Colom is not sure where he will go after his fellowship ends, but he intends to keep working in Mississippi.
"There's a lot to be done here," Colom said.
Previous Comments
- ID
- 152336
- Comment
Scott is a great, brilliant man. We met in college by having a fight over which direction the school newspaper was going. Through the fight, we became very close friends. He is definitely one of the most inspiring, smartest guys I've ever known.
- Author
- casey
- Date
- 2009-09-28T14:15:24-06:00
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