Without a doubt about Faith groups join push for national pay day loan guidelines

Without a doubt about Faith groups join push for national pay day loan guidelines

Kansas City, Mo. — enclosed by clergy, community organizers and multi-colored indications declaring «Stop your debt trap,» Elliott Clark asked those gathered at Barney Allis Plaza right right here: «that is beside me?»

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

Following the audience replied their concern with cheers, Clark 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, a completely independent federal watchdog agency, on its new proposed guidelines aimed at managing predatory lending that is payday (más…)