For many years, payday lenders have taken advantage of citizens and the legislative process, charging triple-digit interest, engineering loans to draw people into unmanageable long-term debt, and carving out special exemptions in state laws to make that possible. Many citizens and communities of faith, and many AFR members, have responded by insisting that ultra-high-cost consumer loans are unjust and immoral.
The coming year presents us with an important opportunity in the struggle to uphold economic dignity in our communities – by calling on the Consumer Financial Protection Bureau (CFPB) to enact strong rules against payday and other debt-trap loans.
On November 17 – 19, representatives from over 20 states will come to Washington D.C. for Faith & Credit Advocacy Days. This gathering is a launch-pad for a broad collective effort by faith and financial reform and consumer protection groups to support strong action by the CFPB. Faith advocates and leaders will come away armed with knowledge of what they will need to do in their states and communities to promote and protect the cause of ethical lending. Monday and Tuesday will be spent better understanding the problem of predatory lending and what faith advocates and leaders can bring to the effort to put a stop to it.
Throughout Faith & Credit Advocacy Days, faith advocates and leaders will use the hashtag #StopTheDebtTrap to reach out to people and organizations interested in Payday Lending Reform. Using #StopTheDebtTrap, they hope to engage event attendees and the public. Their collective narrative will help spread a message about why strong rules are needed and what citizens are doing and can do to convey their concern to their representatives in Washington D.C.
On the final day, faith advocates and leaders will meet with lawmakers and deliver that message directly. They will ask their communities to participate in the conversation by using the hashtag #StopTheDebtTrap. Everyone is encouraged to join the conversation.
— Marvin Silver