Category: Predatory Lending

Feed Subscription

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.

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. ...

Read More »
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 ...

Read More »
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 ...

Read More »
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 ...

Read More »
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 ...

Read More »
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 ...

Read More »
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 ...

Read More »
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 ...

Read More »
scroll to top