DFW CAtholic: How the Catholic Church is fighting loan sharks in Texas
October 8, 2015
Lenders charging exorbitant rates on payday loans in Arlington, Texas have a new force to contend with in their fight against regulation: the bishops of the Catholic Church.
Last week, the Texas Catholic Conference – which serves as the public policy voice for the Catholic bishops of the state – announced it would join several payday lending opponents in an effort to regulate payday and title loan lending.
“It seems that every week another member of my parish tells me a horror story about one of these loans. They debilitate our families. People take out loans without fully understanding the terms and this begins the vicious cycle of debt that ruins the lives of too many families. This must end,” Father Daniel Kelly, pastor of St. Joseph Catholic Parish in Arlington and chancellor of the Fort Worth Diocese, told The Dallas Morning News.
Read more here.