Dallas Business Journal: Catholics confront payday lending in Texas
April 9, 2013
Catholic Church leaders gathered at the Texas Capitol Tuesday to support legislation that would prevent what they deem as payday lenders’ exploitation of working Texas families. House Bill 2019, filed by State Rep. Tom Craddick, R-Midland, proposes to close a loophole that allows payday and auto title lenders to charge unlimited fees for short-term loans. It still permits high fee caps that can average 80 percent APR, but reins in current unlimited fees that can result in APR rates ranging from 600 percent to 800 percent. The bill presents meaningful reform that will end the cycle of debt for working families, according to the Texas Catholic Conference. Read more here.