The Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing on June 2 in Kansas City, MO about its rules release to rein in the worst abuses of payday, car title, and consumer installment lenders.
In response to this announcement, clergy and faith leaders with Faith in Texas vowed to travel to Kansas City to share our stories with the CFPB and call on them to stop the debt trap for good.
In Texas, lenders offer payday and title loans with average interest rates of more than 400%. These loans trap our families in cycles of debt. At Faith in Texas, we have seen families lose their bank accounts, cars, and even their homes to this kind of legalized loan sharking.
Our scriptures are clear that, while there are many legitimate ways to make money, it is never acceptable to take advantage of another person’s desperation to make yourself richer. That is exactly what payday lenders are doing. Our faith calls us to stand against exploitation, including payday lending. Join us for a special rally and prayer service on Tuesday, May 31, 7:00-8:00pm at Springcreek Church. We will worship together, pray over the leaders who are carrying our stories to the CFPB, and send them with our written comments to the CFPB calling for an end to the debt trap.
The payday lending industry is rallying their forces, including many of our representatives, who have received thousands in campaign contributions from payday lenders. They will use their voice to legitimize immoral, predatory lending. Will you join us in speaking truth to power?