Oppose Predatory Lending Practices
We have been asked by Faith in Texas – our community organizing partner – to join with other Dallas communities of faith in making our voices heard by the Consumer Financial Protection Bureau (CFPB) on the issue of predatory lending.
In this video, Faith in Texas board president, Gordon Martinez, describes the impact that predatory lending has had on his life.
Predatory lending affects people who are desperate to pay their rent or make a car payment or pay their utilities or a medical bill. They take out a payday loan or a vehicle title loan because they need quick cash.
The problem is that the interest rates on these loans are so high that they can never pay them off, and they get trapped in a debt spiral that eventually ruins them and results in eviction or car repossession or bankruptcy or worse.
For the last couple of years, there have been rules in place to regulate such practices, but now the CFPB - at the urging of lobbyists hired by the industry – proposes to eliminate those protections, which makes people susceptible to predatory lending practices even more vulnerable.
We are currently in the public comment period, so this is our opportunity to voice our opposition to this rule change. Please stop by the social justice table in the narthex after worship on May 5 and complete a short comment card. Our cards, along with those from our sister congregations, will be collected and presented to the CFPB to let them know that our communities of faith oppose predatory lending practices that prey on the least of our sisters and brothers.
These cards will also be available at Wednesday night supper on 8, or you may comment online by going to www.regulations.gov and searching for CFPB-2019-0006.