Financial distress can hit any of us, Trump should not allow payday predators to financially exploit our communities.
Help us fight back against these legalized loan sharks !
Dear friend,
Trump appointee Mick Mulvaney is trying to re-open the door for the predatory payday lending industry to financially exploitation Black communities.
Mulvaney has already scrapped investigations into a South Carolina-based payday lender that donated $4500 to his previous Congressional campaign and dropped a lawsuit against another lender who was charging consumers interest rates an absurd 950%.12 Now, he is working to stop the Obama-era rules created by the Consumer Financial Protection Bureau (CFPB) from coming into effect.3 The rules would protect borrowers by stopping payday and car title lenders from charging outrageous interest rates that average around 300% and would force lenders to ensure borrowers can pay back the full amount of the loan on time, while still being able to afford basic necessities like food and rent.45
But we’ve been fighting back in state houses across the country to pass new protections that Trump and Mulvaney can’t undermine, and fighting back against industry driven rollbacks of critical protections.
Mulvaney’s brazen embrace of the payday lending industry has emboldened these predators and the lawmakers they’ve bought off to introduce bills in states across the country, allowing them to further exploit vulnerable communities. We know that, nationally, payday loan companies are twice as likely to set up shop in Black and Latin communities than they are in white ones.6 This targeting of communities of color only serves to exacerbate the racial wealth gap and keep families of color in financial servitude.
But because members like you keep speaking up, lobbyist driven bills to undermine critical payday lending protections have been stopped in 14 of the 16 states they’ve been introduced over the last few years.
The most recent bill, in Louisiana, would have allowed predatory payday and car title lenders to issue installment loans and charge up to 167% interest rates to Louisiana consumers, resulting in a debt trap for thousands of Louisianians. Thanks to the hard work of our Color of Change members in the Pelican state, we were able to defeat the bill. But there’s still so much more work to be done.
Until justice is real,
Brandi, Rashad, Arisha, Jade, Evan, Johnny, Future, Corina, Chad, Mary, Angela, Saréya, Eesha, and the rest of the Color Of Change team
References :
- "Payday Rules Relax on Trump's Watch After Lobbying by Lenders", The New York Times, 2 February 2018 https://act.colorofchange.org/go/53192?t=8&akid=12755%2E1942551%2Ecyx3M1
- "Trump Administration Plans to Defang Consumer Protection Watchdog", NPR, 12 February 2018 https://act.colorofchange.org/go/53193?t=10&akid=12755%2E1942551%2Ecyx3M1
- "Trump Administration Plans to Defang Consumer Protection Watchdog", NPR, 12 February 2018 https://act.colorofchange.org/go/53193?t=12&akid=12755%2E1942551%2Ecyx3M1
- "CFPB finalizes rule to stop payday debt traps", Consumer Financial Protection Bureau, 5 October 2017 https://act.colorofchange.org/go/53332?t=14&akid=12755%2E1942551%2Ecyx3M1
- "New payday loan rules : What you need to know", CNN Money, 7 October 2017 http://act.colorofchange.org/go/53333?t=16&akid=12755%2E1942551%2Ecyx3M1
- "Predatory Profiling : The Role of Race and Ethnicity in the Location of Payday Lenders in California", Center for Responsible Lending, 26 March 2009 http://act.colorofchange.org/go/24924?t=18&akid=12755%2E1942551%2Ecyx3M1
Color Of Change is building a movement to elevate the voices of Black folks and our allies, and win real social and political change. Help keep our movement strong.
Aucun commentaire:
Enregistrer un commentaire