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 in to 605-475-4700 and use passcode 158362#
Speakers:
Debra Grant, personal story about predatory lending; leader of Virginia Organizing
Del McWhorter, Chairperson, Virginia Organizing
Dana Wiggins, Director of Financial Advocacy, Virginia Poverty Law Center
Richmond, Va.—Virginia Organizing and Virginia Poverty Law Center, organizations that have been working to stop predatory lending practices in Virginia for many years, will release a Virginia predatory lending report on Thursday, June 2, 2016 at 2 p.m. Leaders of the organizations will discuss the Consumer Financial Protection Bureau’s (CFPB) new rule to be announced in Kansas City earlier that day.
“This report shows that predatory lenders are still gouging consumers. Today, we are glad that the Consumer Financial Protection Bureau is working to regulate some of the worst practices in the industry, but Virginia Organizing is also committed to continuing to call on our state elected officials to regulate this oppressive industry,” said Virginia Organizing Chairperson Ladelle McWhorter.
“I was caught in a cycle of debt with payday loans, so I know how bad these lenders can be,” said Debra Grant of Virginia Beach. “If I look around my neighborhood, there are no major grocery stores, but five payday or title loan shops that are easily accessible. I’m glad the Consumer Financial Protection Bureau is taking action to stop these debt traps.”
For years, Virginians have been plagued by these predatory lenders that set up shop in low-income communities and entice people striving just to make ends meet with ‘easy’ money. Virginia Organizing and Virginia Poverty Law Center have been working to hold these lenders accountable for marketing and selling products that trap individuals in a cycle of debt.
Media are invited and encouraged to call in to the conference on June 2 at 2 p.m. For an advance copy of the Virginia predatory lending report or for more information, please contact Amanda Pohl at 804-337-1912 or amanda@virginia-organizing.org.
