Faith teams join push for national pay day loan guidelines

Faith teams join push for national pay day loan guidelines

Kansas City, Mo. — in the middle of clergy, community organizers and signs that are multi-colored “Stop your debt trap,” Elliott Clark asked those collected at Barney Allis Plaza right here: “that is beside me?”

The parishioner of St. Therese the small Flower Church in Kansas City had simply completed sharing their experience with a $2,500 pay day loan that ballooned to a lot more than $50,000 over 5 years, providing an impassioned plea for reforms for the industry.

Following the audience replied cheers, Clark to his question included, “Then let’s tell the individuals what are you doing.”

The “Stop your debt Trap” rally preceded a industry hearing Thursday held by the buyer Financial Protection Bureau, an unbiased federal watchdog agency, on its brand brand new proposed guidelines aimed at managing predatory lending that is payday. Continue reading “Faith teams join push for national pay day loan guidelines”