Category: Predatory Lending

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For four years, Virginia Organizing has joined with many other organizations in urging the members of the Virginia General Assembly to stop predatory lenders and the financial trap they set for people in dire financial straights.

In 2008 a payday loan bill was enacted with provisions that fell far short of what we wanted at the time as it only helped reduce, not stop abusive financial practices of payday lenders. However, our efforts to end predatory lending in Virginia continue because predatory car title loans and open-ended loans simply took over where payday loans left off.

In 2010, the Virginia General Assembly enacted legislation providing some reforms to car title lending, helping protect consumers from this financial trap. The legislation was not perfect due to the high interest rates permitted, but was considered a major victory because it included time limits on the loans, interest rate caps, notices before cars can be repossessed, more information provided to borrowers and licensing requirements for lenders.

Virginia Organizing joins organizations throughout the Commonwealth in supporting a 36% interest rate cap on all loans in Virginia, a measure that will end predatory lending once and for all.

  • EDITORIAL: Consumer protection is in peril

    EDITORIAL: Consumer protection is in peril

    Published by The Culpepper Star-Exponent Watch your wallet, because Congress is coming after the federal watchdog set up, following last decade’s financial crisis, to police agains ...

  • CFPB faces Senate challenge on prepaid card rule

    CFPB faces Senate challenge on prepaid card rule

    Published by Politico Sen. David Perdue (R-Ga.) is seeking to nullify regulations on prepaid spending cards, a move that is drawing fire from consumer groups and lackluster support ...

  • $12 Billion in Relief to Scammed Consumers

    $12 Billion in Relief to Scammed Consumers

    Please read below for a message from our friends at Americans for Financial Reform. Did you know that if you have a dispute with your bank or financial company, that there’s an age ...

  • Don’t Miss the Friday Deadline!

    Don’t Miss the Friday Deadline!

    We have only one more day to submit comments to the Consumer Financial Protection Bureau (CFPB) in support of strong rules for predatory lenders. Will you take a minute and visit w ...

EDITORIAL: Consumer protection is in peril

EDITORIAL: Consumer protection is in peril

Published by The Culpepper Star-Exponent Watch your wallet, because Congress is coming after the federal watchdog set up, following last decade’s financial crisis, to police again ...

Read More »
CFPB faces Senate challenge on prepaid card rule

CFPB faces Senate challenge on prepaid card rule

Published by Politico Sen. David Perdue (R-Ga.) is seeking to nullify regulations on prepaid spending cards, a move that is drawing fire from consumer groups and lackluster suppor ...

Read More »
$12 Billion in Relief to Scammed Consumers

$12 Billion in Relief to Scammed Consumers

Please read below for a message from our friends at Americans for Financial Reform. Did you know that if you have a dispute with your bank or financial company, that there’s an ag ...

Read More »
Don’t Miss the Friday Deadline!

Don’t Miss the Friday Deadline!

We have only one more day to submit comments to the Consumer Financial Protection Bureau (CFPB) in support of strong rules for predatory lenders. Will you take a minute and visit ...

Read More »
Good News and Bad News

Good News and Bad News

We’ve got some good and bad news. The Consumer Financial Protection Bureau (CFPB) has extended the comment period to October 7, 2016 for the proposed rules aimed at reducing the h ...

Read More »
Cook: Warner is betting on Americans

Cook: Warner is betting on Americans

Published in The Roanoke Times Sandra A. Cook | Cook is a member of the Virginia Organizing State Governing Board. There have been times when I sat across the table from U.S. Sen. ...

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Virginia Organizing Joins 280 Consumer Groups to Restrict Forced Arbitration

Virginia Organizing Joins 280 Consumer Groups to Restrict Forced Arbitration

Charlottesville, Va.—Virginia Organizing joined 280 consumer rights, civil rights, labor, community, and non-profit organizations to emphasize strong support for the Consumer Fina ...

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Consumer Financial Protection Bureau Proposes New Rules, Virginia Organizing Responds

Consumer Financial Protection Bureau Proposes New Rules, Virginia Organizing Responds

On Thursday, June 2, the Consumer Financial Protection Bureau (CFPB) released proposed rules for payday and title lending with the intent to curb predatory practices by these lend ...

Read More »
The American People Really Really Really Don’t Like Payday Lending

The American People Really Really Really Don’t Like Payday Lending

A used car salesman, a Wall Street banker and a payday lender walk into a bar. If the bartender is anything like most Americans, that payday lender might have a tough time getting ...

Read More »
#StopTheDebtTrap

#StopTheDebtTrap

On June 2, the Consumer Financial Protection Bureau (CFPB) proposed new rules aimed at reducing the harmful effects of predatory lending debt traps like payday and car title loans ...

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