by Gabino Zavala, Justice and Peace CoordinatorA great white shark in a business suit stands for a portrait, his hands crossed behind his back.  Conceptual depiction of a loan shark, or other predatory lending business practices in the corporate world.
The United States Conference of Catholic Bishops (USCCB) has joined a non-partisan coalition of other religious leaders and social and industry service providers to send a letter to the director of the Consumer Financial Protection Bureau advocating for lending rules to end predatory payday loans.
The letter, signed by other faith-based groups as well as the Center for Public Justice and the PICO National Network, asks for strong state usury laws with limits on interest and fees can best protect financially vulnerable borrowers, a limit on the number of loans a lender can make to a borrower, urges the Bureau to prohibit the use of past payday loan repayment as evidence of a borrower’s ability to repay, and encourages the Bureau to focus attention on longer-term loans as well so that this market does not become a haven for unscrupulous lenders and predatory practices.
The letter in its entirety can be read at the USCCB website.
Click here for information on where to send your own letter or email to the Consumer Financial Protection Bureau.