Faith teams join push for national cash advance guidelines

Faith teams join push for national cash advance guidelines

Kansas City, Mo. — Surrounded by 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 with me?”

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

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

The “Stop your debt Trap” rally preceded a industry hearing Thursday held by the customer Financial Protection Bureau, an unbiased federal watchdog agency, on its brand new proposed guidelines aimed at managing predatory lending that is payday. Continue reading

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