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 ...

Praise for Federal Payday-Lending Regulations in Virginia

Praise for Federal Payday-Lending Regulations in Virginia

Published by Public News Service RICHMOND, Va. --- New national limits proposed for payday and car-title lending are winning praise from lower-income Virginians and their advocate ...

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Virginia Organizing and Virginia Poverty Law Center Release Virginia Lending Report and Discuss New CFPB Rules for Predatory Lending

Virginia Organizing and Virginia Poverty Law Center Release Virginia Lending Report and Discuss New CFPB Rules for Predatory Lending

Richmond, Va.—Virginia Organizing and Virginia Poverty Law Center, organizations that have been working to stop predatory lending practices in Virginia for many years, released a ...

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Virginia Organizing and Virginia Poverty Law Center to Hold Tele-Media Conference to Discuss New CFPB Rule for Predatory Lending

Virginia Organizing and Virginia Poverty Law Center to Hold Tele-Media Conference to Discuss New CFPB Rule for Predatory Lending

What: Tele-media conference to discuss just released Consumer Financial Protection Bureau rules for small dollar, short-term lenders When: Thursday, June 2 at 2 p.m. Where: Call i ...

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Consumer Financial Protection Bureau Finds Half of Online Payday Borrowers Rack Up an Average of $185 In Bank Penalties

Consumer Financial Protection Bureau Finds Half of Online Payday Borrowers Rack Up an Average of $185 In Bank Penalties

Published by the Consumer Financial Protection Bureau WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a report that found that attempts by online l ...

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Prevent a Shark Attack by Avoiding Predatory Loans

Prevent a Shark Attack by Avoiding Predatory Loans

Published in The Washington Post Sharks get a bad rap. Don’t get me wrong. It’s absolutely tragic whenever a swimmer or surfer is bitten or killed. But sharks are just doing what ...

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Debra Grant: Payday lenders prey on women, families

Debra Grant: Payday lenders prey on women, families

Published by the Virginian-Pilot I had a relative who needed to borrow $150, so I took out a payday loan to help. Every month, I would have to roll the loan over until the next mo ...

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Virginia Organizing at the CFPB Hearings

Virginia Organizing at the CFPB Hearings

On April 7, 2016, Virginia Organizing leaders traveled to Washington, D.C. for the Senate Banking Committee hearing on the Consumer Financial Protection Bureau (CFPB). Virginia Or ...

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Virginia Organizing Calls on Senators Warner and Kaine to Support a Strong Consumer Financial Protection Bureau

Virginia Organizing Calls on Senators Warner and Kaine to Support a Strong Consumer Financial Protection Bureau

Fredericksburg, Va.— Virginia Organizing leaders will visit Washington, D.C. on Thursday, April 7 to attend the Senate Banking Committee hearing where Consumer Financial Protectio ...

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Support Consumers, NOT Predatory Lenders

Support Consumers, NOT Predatory Lenders

A bipartisan group of U.S. Senators will soon introduce legislation that will seriously put at risk current, vital regulations that protect everything from workers health, climate ...

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Simple Things Can Help Virginia Families Build Cushion

Simple Things Can Help Virginia Families Build Cushion

Originally published by Public News Service. Working families in Virginia are having a hard time building up even a small financial cushion. But the authors of a new policy brief ...

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