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 ...

The Predators’ Creditors: How the Biggest Banks are Bankrolling the Payday Loan Industry

The Predators’ Creditors: How the Biggest Banks are Bankrolling the Payday Loan Industry

  On Saturday, February 25 at 11:00 am, Virginia Organizing supporters and community members will be meeting at the Bank of America at the Barracks Road shopping center ...

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Predatory Lending Protest at Bank of America: Saturday, February 25 @ 11:00a.m.

Predatory Lending Protest at Bank of America: Saturday, February 25 @ 11:00a.m.

Virginia Organizing Protests Bank of America for Funding Predatory Lenders   CHARLOTTESVILLE- On Saturday, February 25 at 11:00 am, Virginia Organizingsupporters and communit ...

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Huge Victory on Predatory Lending in Chesapeake!

Huge Victory on Predatory Lending in Chesapeake!

While the Virginia General Assembly utterly failed to take action on predatory lending this session, the City of Chesapeake sought more transparency and public input on the predat ...

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Danvile Vs. The Sharks

Danvile Vs. The Sharks

As of this week all the bills to curb predatory lending have died. Nevertheless, a dozen hearty Danville souls line the sidewalk in front of Advance America on Wednesday to send S ...

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VIDEO: Bank of America’s Trick or Treat Predatory Lending Scheme

VIDEO: Bank of America’s Trick or Treat Predatory Lending Scheme

Happy Halloween!  There is nothing spookier than the big banks profiting off of millions of illegal foreclosures, taking billions of dollars in taxpayer funded bailouts and t ...

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Virginians Hurt by Discriminatory Mortgage Practices

Virginians Hurt by Discriminatory Mortgage Practices

Crossposted on Take Me Home VirginiaA mortgage company from Midlothian VA has recently settled with the U.S. Justice Department because of discriminatory mortgage practices:C& ...

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Virginia payday lenders made 9.2 million illegal loans

Virginia payday lenders made 9.2 million illegal loans

Add the Virginia Supreme Court to the list of organizations and individuals that understand payday lenders are peddling family-crushing debt. The Virginia Supreme Court ruled last ...

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Dear Abby: “I don’t want to work for the payday loan industry!”

Dear Abby: “I don’t want to work for the payday loan industry!”

The following is a Dear Abby letter published in the KC Star. Even in a recession, the letter writer concludes that no-work is better than working in the predatory lending industr ...

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On Car Title Lending, Virginia is not acting very neighborly.

On Car Title Lending, Virginia is not acting very neighborly.

Originally Posted on March 29, 2011 by Take Me Home VirginiaThis is a guest post by Connellee Armentrout. Connellee is originally from Roanoke, Virginia and is a second year ...

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House Vote on Car Title Lending: Money Wins Out Over Common Sense

House Vote on Car Title Lending: Money Wins Out Over Common Sense

Yesterday the House voted in favor of SB 1367 which would allow out of state drivers to take out a title loan in Virginia. The bill expands predatory lending and rolls back much o ...

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