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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 multi-colored indications declaring “Stop your debt trap,” Elliott Clark asked those collected 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 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.

After the audience responded cheers, Clark to his question included, “Then let’s tell the individuals what’s happening.”

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 regulating predatory payday financing. Continue reading