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.

  • 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 ...

  • 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 ...

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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Are Predatory Lenders Trying to Change Virginia’s Tourism Slogan?

Are Predatory Lenders Trying to Change Virginia’s Tourism Slogan?

We are wondering how the tourism bureau will market Virginia's newest potential distinction: the predatory lending capital of the eastern U.S?The Virginia Poverty Law Center h ...

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Virginia is for Predatory Lending

Virginia is for Predatory Lending

Today, the House Commerce and Labor Committee voted to report SB 1367---the Bill to allow Virginia to export usury.  The bill would allow car title companies to give loans to ...

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Because Hallmark doesn’t make Valentines on predatory lending.

Because Hallmark doesn’t make Valentines on predatory lending.

Predatory lending stinks!  For years we have fought against predatory lending during the General Assembly and this year is no exception. On Valentine's day, we visited al ...

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Imagine being told, “Ooops, your foreclosure was a mistake.”

Imagine being told, “Ooops, your foreclosure was a mistake.”

Have you ever called your phone company, bank or mortgage company and been told something different by every single representative you spoke to?  Poor communications and misl ...

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Take Action: Critical Votes on Predatory Lending Tomorrow!

Take Action: Critical Votes on Predatory Lending Tomorrow!

Predatory lending continues to be a focus of the 2011 Virginia General Assembly session and we have a chance to make real progress. Once again our elected officials have an opport ...

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Mortgage Foreclosure Fraud Rampant in VA

Mortgage Foreclosure Fraud Rampant in VA

 RICHMOND, Va. - Kicking someone when they're already down - it's happening all over the state to folks who are losing their homes when they probably shouldn't be ...

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Fighting Predatory Lending

Fighting Predatory Lending

  In March 2010, the Virginia General Assembly passed legislation that will enact reforms to car title lending that helps protect consumers from the car title lending tr ...

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Payday Lending in the New Financial Reform Law

Payday Lending in the New Financial Reform Law

 After a mammoth battle with the banks, on July 21 President Obama signed the financial reform bill into law. The new financial reform bill includes a Consumer Financial Port ...

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