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.

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    New Rip Off Clause Rule

    On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day ...

  • 2017 Mid-Year Report Now Online!

    2017 Mid-Year Report Now Online!

    Click here for a downloadable PDF version of our mid-year report to see more photos and accomplishments!   Virginia Organizing could not do our work without your support, and ...

  • We’re Telling Congress: Make Loan Sharks Follow the Rules

    We’re Telling Congress: Make Loan Sharks Follow the Rules

    Richmond, Va.—“The Consumer Financial Protection Bureau (CFPB) was created to stop payday, car title, and other high interest, debt trap lenders from abusing working people,” said ...

  • Wrong Choice Act: Defend the CFPB

    Wrong Choice Act: Defend the CFPB

    In under six years, the Consumer Financial Protection Bureau has returned $12 billion to 29 million consumers. A dangerous new bill in Congress would gut the CFPB. Share now and te ...

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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Families Can’t Wait

Families Can’t Wait

Click here to see how much wealth is stripped from our communities by payday and car title loans since March 2015. Every day, payday and car title lenders drain $23,951,459 out of ...

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Inside The Fast-Cash World Of Virginia Car-Title Lenders

Inside The Fast-Cash World Of Virginia Car-Title Lenders

Listen to the full story at WAMU (click here).  You may have heard their jingles on the radio or seen their commercials that play endlessly on late-night TV. Perhaps you have driv ...

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Virginia consumers benefit from CFPB

Virginia consumers benefit from CFPB

Published in Public News Service. RICHMOND, Va. – The Consumer Financial Protection Bureau (CFPB), which celebrates its fourth anniversary this month, has recovered billions of do ...

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Jay Johnson Talks National Movements at Populism 2015

Jay Johnson Talks National Movements at Populism 2015

Virginia Organizing Treasurer Jay Johnson rallied the crowd at Populism 2015 in Washington, D.C. Jay's remarks were part of a Saturday plenary session featuring speakers across th ...

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Consumer Financial Protection Bureau (CFPB) Working to End Payday Loan Debt Traps

Consumer Financial Protection Bureau (CFPB) Working to End Payday Loan Debt Traps

The Consumer Financial Protection Bureau (CFPB) is holding a field hearing in Richmond today and will announce that it is publishing an outline of proposals under consideration th ...

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Up From Debt: Debra’s Story

Up From Debt: Debra’s Story

Virginia Organizing participated in The Alliance for a Just Society's Up From Debt conference in March. Debra Grant shared her story (watch below). Have you ever been trapped in a ...

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