Last week the Faith and Credit Roundtable hosted a 3 day Conference and Advocacy Days, bringing over 80 faith leaders from 22 states to Washington, DC. The group came together to launch a faith initiative to support strong action on payday lending by the Consumer Financial Protection Bureau (CFPB). On the final day of the conference, attendees participated in more than 75 meetings with their Congressional offices to express their concerns about predatory payday lending and enlist Congressional support to ‘Stop the Payday Loan Debt Trap’.
PAYDAY LENDING REFORM IN THE NEWS
Reuters: U.S. Prosecutor Probes Payday Lending in Debt Scam Crackdown
The top federal prosecutor in Manhattan said on Thursday his office was taking a close look at payday lending as part of a broad crackdown on wrongdoing involving the handling of consumer debts…
Christian Post: Christian Leaders Condemn Payday Lenders Who Con the Poor, Call for New Controls
Christian leaders from virtually all denominations gathered in the nation’s capital this week to bring attention to rampant damage among the poor as a result of predatory lenders…
FAITH AND CREDIT ADVOCACY ATTENDEE SPOTLIGHT
Bobby from Wisconsin:
“I support legislation that caps interest & fees on #payday & car title loans to 36% annual interest #StopTheDebtTrap
Chris from California:
“#stopthedebttrap CA #payday schemes can rise to 426% APR cap the rate at 36% @RepDavidValadao @FIC_Fresno @PICOcalifornia
Susan from Kansas:
Thanks, @USRepLong for meeting with SWMO @MOFaithVoices leaders trying to #stopthedebttrap. See you in Springfield!