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VOL. 35 | NO. 1 | Friday, January 7, 2011
Statewide
Tenn. congressman updates information on controversial loan
JACKSON (AP) — U.S. Rep. Stephen Fincher has filed new information about a $250,000 campaign loan that was the subject of controversy during the election.
The Washington correspondent for The Jackson Sun reports filings with the federal election commission show Fincher obtained the loan in July 2010 from Gates Banking and Trust Co. They say it was secured with $600,000 in collateral, and Fincher paid 6.5 percent interest. He had initially reported the money as a personal loan with no collateral and no interest.
During the campaign, critics questioned how Fincher could have qualified for such a large loan when his financial disclosure statement showed no assets and only $60,000 in farm income. They noted that Fincher's father served on Gates' board and that the bank's chairman had contributed to Fincher's campaign.
An FEC investigation is still open.